At Start of New Congress, Spanberger, Roy Reintroduce TRUST in Congress Act to Ban Members of Congress & Their Families from Trading Individual Stocks

35 Additional Democrats & Republicans Joined Their Legislation as Original Cosponsors — the Most it Has Received on Day One

The TRUST in Congress Act Would Require All Members of Congress to Put Certain Investment Assets in a Blind Trust During their Time in Office

WASHINGTON, D.C. —  U.S. Representatives Abigail Spanberger (D-VA-07) and Chip Roy (R-TX-21) today led 35 of their colleagues in reintroducing a bipartisan bill to require Members of Congress — as well as their spouses and dependent children — to put certain investment assets into a qualified blind trust during their entire tenure in Congress, effectively banning them from trading individual stocks.

By establishing this new firewall between Members and their investments, the Spanberger-Roy Transparent Representation Upholding Service and Trust (TRUST) in Congress Act would make sure Members of Congress cannot use their positions in the U.S. House or U.S. Senate to unethically inform investment decisions, influence the value of their existing investments, or contribute to greater distrust between the American people and their elected officials.

Today’s reintroduction marks the most original cosponsors the Spanberger-Roy legislation has ever received on day one. Spanberger and Roy originally introduced the TRUST in Congress Act in June 2020 — and they reintroduced it in January 2021.

“We are long overdue for a vote on legislation to ban Members of Congress and their spouses from trading individual stocks. Last Congress, we saw the TRUST in Congress Act receive the most bipartisan support of any effort to do so. We saw tremendous momentum, we saw growing support in our districts, and we saw growing recognition across the political spectrum that such a reform needs to be made now,” said Spanberger. “I’ve been proud to lead the charge on this issue, and I want to thank my colleague Congressman Roy for his continued partnership as we reduce potential conflicts of interest in the halls of the U.S. Capitol. Our TRUST in Congress Act would demonstrate that lawmakers are focused on serving the interests of the American people — not their own stock portfolios.”

Original cosponsors of the TRUST in Congress Act include U.S. Representatives Scott Perry (R-PA-10), Jerry Nadler (D-NY-12), Adam Schiff (D-CA-30), Dusty Johnson (R-SD-AL), Nikema Williams (D-GA-05), Dean Phillips (D-MN-03), Chellie Pingree (D-ME-01), Angie Craig (D-MN-02), Mary Gay Scanlon (D-PA-05), Dina Titus (D-NV-01), Brian Fitzpatrick (R-PA-01), Elissa Slotkin (D-MI-07), Josh Gottheimer (D-NJ-05), Chris Pappas (D-NH-01), Michael Cloud (R-TX-27), Emanuel Cleaver (D-MO-05), Derek Kilmer (D-WA-06), Haley Stevens (D-MI-11), Dan Kildee (D-MI-08), Jason Crow (D-CO-06), Marie Gluesenkamp Perez (D-WA-03), Young Kim (R-CA-40), Betty McCollum (D-MN-04), Madeleine Dean (D-PA-04), Katie Porter (D-CA-47), Paul Tonko (D-NY-20), Jared Golden (D-ME-02), Susan Wild (D-PA-07), Raul Grijalva (D-AZ-07), Pete Sessions (R-TX-17), Grace Meng (D-NY-06), Teresa Leger Fernandez (D-NM-03), Chrissy Houlahan (D-PA-06), Joe Courtney (D-CT-02), and Matt Gaetz (R-FL-01).

The TRUST in Congress Act is endorsed by several advocacy and government accountability organizations across the political spectrum — including the Project On Government Oversight (POGO), National Taxpayers Union, Citizens for Responsibility and Ethics in Washington (CREW), Public Citizen, Campaign Legal Center, Taxpayers for Common Sense, FreedomWorks, Taxpayers Protection Alliance, Protect Democracy, Americans for Prosperity, Government Accountability Project, Issue One, PEER, Democracy12, Fix the Court, and ECU Action Fund.

“NTU is pleased to endorse the TRUST in Congress Act again, and we appreciate the ongoing leadership of this effort by Representatives Roy and Spanberger. Members of Congress hold privileged positions of power and access to classified information, and should not be able buy, sell, and trade individual stocks during their time of service,” said Andrew Lautz, Director of Federal Policy, National Taxpayers Union (NTU).

“When Members of Congress trade stocks while they’re receiving privileged information during hearings and closed-door briefings from industry leaders, they erode the public’s trust and create the appearance of corruption, something that is worth guarding against as much as corruption itself. That’s why Congress should ban Members and their immediate family members from trading individual stocks while in office. The TRUST in Congress Act is a commonsense solution that has received strong bipartisan support, and it’s time for our leaders to act and pass this bill into law,” said Nick Penniman, Founder & CEO, Issue One.

“Voters have a right to know whether their elected officials are focused on the needs of the public, or are prioritizing their own personal wealth. Based on how frequently and blatantly the 2012 Stop Trading on Congressional Knowledge (STOCK) Act is violated by members of Congress, it is obvious that the current situation is not working. By preventing Members of Congress, their spouses, and their dependent children from buying, trading, or selling individual stocks while in Congress, the TRUST in Congress Act will greatly improve this situation and restore public trust in government,” said Kedric Payne, Vice President, General Counsel, & Senior Director, Ethics, Campaign Legal Center.

“Banning Members from owning or trading individual stocks is a concrete step Congress can take to reduce corruption and begin to restore the public’s faith in their elected officials. We applaud Rep. Spanberger’s leadership on this issue and encourage members of both parties to work with her to get this done,” said Tiffany Muller, President, End Citizens United / Let America Vote Action Fund.

“The TRUST in Congress Act is bipartisan legislation sponsored by Reps. Spanberger and Roy prohibiting congressional stock trading activity. The legislation leads the drive for this commonsense ethics reform. The current system that allows members of Congress to buy and sell stocks in businesses they oversee from their congressional perches is ripe for insider trading abuses. Members frequently have access to business information that is not available to the public, and members are also in a position to affect those same business markets, which is why the public demands that congressional stock trading be banned altogether,” said Craig Holman, Government Affairs, Public Citizen.

“At a time when over 70 percent of Americans believe members of Congress hold an unfair advantage in the stock market, TPA applauds Rep. Abigail Spanberger and Rep. Chip Roy for reintroducing the TRUST In Congress Act. Requiring members to place securities, commodities, futures, and other comparable investments into qualified blind trusts while serving the American people is a strong step towards restoring the public’s faith in government,” said Patrick Hedger, Executive Director, Taxpayers Protection Alliance (TPA).

###

Recent Posts


May 24, 2024
Veterans' Issues

Spanberger Statement Ahead of Memorial Day 2024

Congresswoman: “We Remember the Americans Who Set Forth in Service, Those Who Felt a Calling to Defend Our Core American Values, and Those Who Laid Down Their Lives to Protect Our Freedoms” WOODBRIDGE, Va. — U.S. Representative Abigail Spanberger today released the following statement ahead of Memorial Day 2024. “Memorial Day reminds us of the often-steep […]



May 23, 2024
Agriculture

Spanberger Statement on Status of Farm Bill Negotiations

The Congresswoman is the Only Virginian on the U.S. House Agriculture Committee WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today released the following statement on the status of Farm Bill negotiations ahead of a U.S. House Agriculture Committee markup on the House GOP’s initial Farm Bill. “As the only Virginian on the House Agriculture Committee, I […]



May 22, 2024
Local Issues

On Floor of U.S. House, Spanberger Shares “Stories of Service” from Virginians, Honors Servicemembers, Veterans, & Military Families During Military Appreciation Month

For the Second Year in a Row, the Congresswoman Shared “Stories of Service” She Received from Virginians to Honor the Personal Sacrifices of Those Who Put on the Uniform WASHINGTON, D.C. — On the floor of the U.S. House of Representatives, U.S. Representative Abigail Spanberger today honored Veterans, servicemembers, and Virginia military families. To recognize […]