A bipartisan coalition of lawmakers in the House of Representatives has reintroduced legislation to prevent insider trading by members of Congress.
Congresswoman Abigail Spanberger led the coalition to bring back the Transparent Representation Upholding Service and Trust in Congress Act, or TRUST in Congress.
According to a release, this would increase transparency and reduce opportunities for members of Congress and their families to put certain investment assets into a qualified blind trust during their entire tenure in Congress.
The legislation would make it so members of Congress cannot use their positions unethically inform investment decisions or influence the value of the existing investments.
“Strengthening our democracy and building true resilience against corruption is not just about preventing unethical decisions, but it is also about addressing the feeling among many Americans that their elected officials and government don’t work for them. This perception is damaging to our democracy, and the TRUST in Congress Act would help build trust and assure the public that members of Congress are not serving their own financial interests,” said Spanberger. “By creating a firewall between members of Congress and their investments, this bill would prevent members of Congress from profiting off their influence and access to information on Capitol Hill. I’m encouraged to see the TRUST in Congress Act has received such a wide range of support from lawmakers and government accountability organizations from across the political spectrum, and I look forward to getting our own house in order by enacting good government protections that ensure lawmakers are focused on the needs of their constituents, not themselves.”
“For members of Congress to fulfill their mission of being effective representatives for the American people, they must have the trust of their constituents. That trust is jeopardized when it appears as though members of Congress are putting their own financial self-interest above the public interest. Rep. Spanberger and Rep. Roy should be applauded for introducing a bill that would go a long way toward ensuring this trust by requiring that all members of Congress place certain financial assets into a blind trust, which would dramatically reduce the likelihood of insider trading and other conflicts of interest,” said Dylan Hedtler-Gaudette, Government Affairs Manager, Project on Government Oversight. “It isn’t always easy to clean up your own house, but these Members of Congress are demonstrating leadership and courage by advancing legislation that would do just that.”
Representative Chip Roy of Texas co-led the reintroduction, and Representatives Scott Perry, Mondaire Jones, Fred Keller, Bill Foster, Ron Wright and Chrissy Houlahan co-sponsored it.
To read the full text of the bill, click here.