Members of Congress, their spouses, and any of their dependents would not be allowed to make trades on the stock market under a bipartisan bill sponsored on April 28 by U.S. Rep. Brian Fitzpatrick (R-PA).
“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,” Rep. Fitzpatrick said on Tuesday.
The congressman introduced the Bipartisan Restoring Faith in Government Act, H.R. 3003, with three original cosponsors, including lead cosponsor U.S. Rep. Alexandria Ocasio-Cortez (D-NY).
If enacted, H.R. 3003 would restrict members of Congress, their spouses and dependents from trading and ownership of certain financial instruments, which would include a security, a security future, a commodity, and any economic interest comparable to an interest that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means, according to the text of the bill.
“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,” said Rep. Fitzpatrick. “This is basic common sense and basic Integrity 101. And we all view this as a critical first step to return the House of Representatives back to the people.”
The measure has been endorsed by Emma Lydon, managing director of P Street, the government affairs sister organization of the Progressive Change Campaign Committee, and Citizens for Responsibility and Ethics in Washington.
“The ability to individually trade stock erodes the public’s trust in government,” said Rep. Ocasio-Cortez. “When members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”