Spanberger Calls on Speaker Johnson to Bring Bipartisan Legislation to the Floor to Ban Members of Congress from Trading Individual Stocks

The Congresswoman Launched a Survey This Week Asking Virginians if Speaker Johnson Should Bring a Bill Banning Congressional Stock Trading Up for a Vote in the U.S. House — and More Than 95 Percent of the 1,750 Respondents Indicated Their Support

WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today called on Speaker of the House Mike Johnson (R-LA-04) to add another item to his to-do list — bringing legislation to the U.S. House floor that would ban Members of Congress from trading individual stocks, like her bipartisan Transparent Representation Upholding Service and Trust (TRUST) in Congress Act.

Spanberger’s TRUST in Congress Act would 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. She is leading this legislation alongside U.S. Representative Chip Roy (R-TX-21) — and 63 Democrats and Republicans have cosponsored the bill since its reintroduction in January 2023.

In a letter sent this morning to Speaker Johnson, Spanberger outlined the American public’s strong support for banning Members of Congress from trading individual stocks. Additionally, she reminded the new Speaker of the House about his predecessor’s failure to follow through on his commitment to bring a congressional stock trading ban to the floor of the U.S. House for a vote.

“Prior to assuming the role of Speaker of the House, U.S. Representative Kevin McCarthy promised to hold a vote on legislation to ban Member stock trading,” said Spanberger. “Unfortunately, there was no significant movement on this issue in the nine months of Speaker Emeritus McCarthy’s tenure.”

Spanberger continued, “The U.S. House must work to avoid a government shutdown, provide vital aid to our allies, pass a bipartisan Farm Bill, and support our troops. After weeks of dysfunction, our constituents are eager to see their elected officials working for them. Bringing forward legislation to ban Members of Congress from trading individual stocks will demonstrate this commitment — and the American people will thank you.”

Spanberger launched a survey on Wednesday asking Virginians if — once elected — the new Speaker of the House should bring a bill banning individual stock trading by Members of Congress up for a vote. Of the more than 1,750 Virginians who have responded so far, more than 95 percent want Speaker Johnson to bring an effort such as the TRUST in Congress Act to the floor.

Spanberger’s TRUST in Congress Act has the most support of any proposal to ban congressional stock trading in either the U.S. House or U.S. Senate.

Click here to read the letter, and the full letter text is below.

Dear Speaker Johnson,

As you set the legislative agenda for the remainder of the 118th Congress, I implore you to bring bipartisan legislation to the U.S. House floor that would ban Members of Congress from trading individual stocks.

As Members of Congress, we have access to privileged information that moves markets. At the height of the COVID-19 pandemic, report after report shed light on suspicious trades by elected officials. The mere perception that we would use this privileged information to personally profit — rather than focus solely on serving the American people — is unacceptable. The only way to remove this perception of impropriety is to ban Members of Congress from trading individual stocks while in office.

Americans across the political spectrum support such a ban. An August 2023 University of Maryland survey found that 86 percent of Americans favor a ban on individual stock trading by Members of Congress, including 87 percent of Republicans and 88 percent of Democrats.

Prior to assuming the role of Speaker of the House, U.S. Representative Kevin McCarthy promised to hold a vote on legislation to ban Member stock trading. Unfortunately, there was no significant movement on this issue in the nine months of Speaker Emeritus McCarthy’s tenure.

Though House leadership has changed, the need for action on this front has not. I urge you to bring forward legislation such as my bipartisan “Transparent Representation Upholding Service and Trust (TRUST) in Congress Act” to ban Members of Congress, their spouses, and their dependent children from trading individual stocks. The “TRUST in Congress Act” has broad bipartisan support, from Members in the House Freedom Caucus to the Congressional Progressive Caucus.

The U.S. House must work to avoid a government shutdown, provide vital aid to our allies, pass a bipartisan Farm Bill, and support our troops. After weeks of dysfunction, our constituents are eager to see their elected officials working for them. Bringing forward legislation to ban Members of Congress from trading individual stocks will demonstrate this commitment — and the American people will thank you.

Thank you for your attention to this important issue.

###

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