A bipartisan team of congressmen and women introduced a bill Tuesday that seeks to prohibit congressional representatives, in addition to their spouses and dependents, from trading stocks.
The “Bipartisan Restoring Faith in Government Act” was introduced by a team of representatives from across the political spectrum, including Alexandria Ocasio-Cortez (D-N.Y.), Matt Gaetz (R-Fla.), Brian Fitzpatrick (R-Pa.) and Raja Krishnamoorthi (D-Ill.).
The spectacle of political adversaries Ocasio-Cortez and Gaetz working together on a piece of legislation was notable.
“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,” Fitzpatrick said in a statement. “We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that Members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information.”
An act against insider trading in Congress already exists: The Stop Trading on Congressional Knowledge Act of 2012. But Insider found that dozens of members of Congress have not complied with it.
There have been recent attempts to pass similar bills, but, on issues related to capital gains taxes, spouses, family members and trusts, none have yet passed.
The bill proposes that individuals would have 90 days from when the bill is enacted to divest from any investments, either by selling or placing them in a qualified blind trust.
“The ability to individually trade stock erodes the public’s trust in government,” Ocasio-Cortez said in a statement. “When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”
