A bipartisan bill has been introduced in the House of Representatives that seeks to prevent members of Congress from owning and trading individual stocks.
The Bipartisan Restoring Faith in Government Act, sponsored by both Democrats and Republicans, was introduced by Reps. Alexandria Ocasio-Cortez, Matt Gaetz, Brian Fitzpatrick, and Raja Krishnamoorthi.
The proposed legislation would require lawmakers to place their stocks into blind trusts managed by an independent trustee responsible for making all investment decisions. The bill also includes a provision that would prevent lawmakers from serving on the boards of public companies.
"The fact that members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America," said Fitzpatrick.
Ocasio-Cortez emphasized that the "ability to individually trade stock erodes the public's trust in government." She added, "When members have access to classified information, we should not be trading in the stock market on it. It's really that simple."
The proposed legislation aims to prevent potential insider trading scandals and restore trust in government. The 2012 STOCK Act allows members of Congress to buy and sell stocks as long as they do not engage in insider trading and disclose their transactions. However, the new bill seeks to go further by requiring lawmakers to place their stocks in blind trusts, thereby eliminating potential conflicts of interest.
The bill will likely face opposition in Congress, where many members have holdings. Nevertheless, the bipartisan support for the legislation is a positive sign that lawmakers are willing to work together to restore trust in government and prevent potential conflicts of interest. Fitzpatrick noted, "This is basic common sense and basic Integrity 101."
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