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Bipartisan Lawmakers Introduce Bill to Ban Stock Trading by Congress Members
The bill has been sponsored by Reps. Chip Roy and Seth Magaziner. It would ban the trading of securities, with exemptions, and require divestments from stocks.
WASHINGTON—A group of members of the U.S. House of Representatives has launched a fresh effort to ban the trading of stocks in companies by members of Congress.
The “Restore Trust in Congress Act“ is a bipartisan bill sponsored by Rep. Chip Roy (R-Texas), with co-sponsorship from Rep. Seth Magaziner (D-R.I.), that seeks to ban members of Congress, their spouses, dependent children, and trustees from buying and selling individual stocks, securities, commodities, or option/futures contracts. If passed, would require present members to divest from such instruments.
“[F]or the first time, a bipartisan coalition is standing together behind a united proposal to do just that. The Restore Trust in Congress Act ensures that members of Congress will no longer be able to put the stock market first in their official decisions,” remarked Roy at a press conference on Sept. 3, where he and Magaziner unveiled the legislation.
“We must take a strong stand against corruption and end stock trading by members of Congress once and for all,” remarked Magaziner. “[T]his bipartisan bill is our best chance at finally getting it done.”
The bill includes several exemptions, such as mutual fund investments, buying U.S. Treasury bonds, precious metals like gold, and personal residences structured as Limited Liability Companies.
The effort to “ban stock trading” has been championed by several backbench members of the House for a long period, as well as some senators like Sen. Josh Hawley (R-Mo.). Several bills to do so have been introduced in previous Congresses, as well as the current 119th Congress, but none have ever passed both houses.
The effort has been catalyzed by reports about the wealth of individual members of Congress, primarily through their investments in various financial instruments.
As lawmakers, members have the ability to enact legislation that can greatly affect markets, and also regularly access privileged information.
Arjun Singh was a reporter for The Epoch Times. He covered national politics, legal controversies, immigration, the U.S. Congress, and the Supreme Court of the United States.
