Bipartisan legislation proposed on June 24 by U.S. Rep. Brian Fitzpatrick (R-PA) would prevent government employees from trading stocks and securities, as well as participating in prediction markets, which pose a new layer of corruption.
“Public service is a duty, not an investment strategy,” Rep. Fitzpatrick said. “The American people deserve to know that their leaders are making decisions based on the national interest, not personal financial gain. By closing loopholes around stock trading and prediction markets, this bipartisan legislation sets a clear standard across all three branches: if you are entrusted with public leadership, your obligation is to the people — not your portfolio.”
The congressman cosponsored the Public Service Accountability Act, H.R. 9429, alongside bill sponsor U.S. Rep. Maggie Goodlander (D-NH) to establish one government-wide standard for Congress, the executive branch, and the federal judiciary that would address both long-standing conflicts of interest and emerging avenues for officials to profit from positions of public trust, according to the lawmakers’ bill summary.
Under current law, the standard penalty for violating federal disclosure rules is often just $200. H.R. 9429 would replace such symbolic fines with meaningful accountability by prohibiting covered officials from engaging in those activities while in federal service, requiring violators to forfeit any profits, and imposing an additional penalty equal to 10 percent of the value of the investment, the summary says.
“Our bipartisan bill closes gaping loopholes and makes one common-sense rule crystal clear: people who hold public power must serve the public interest, not their own personal profits,” said Rep. Goodlander.
H.R. 9429 is supported by Issue One and the Project On Government Oversight.