U.S. Rep. Tom Reed (R-NY) said on Aug. 9 that he will introduce a bipartisan resolution aimed at preventing conflicts of interest among members of the U.S. House of Representatives.
Specifically, the upcoming resolution would amend current House rules to bar congressional members from serving on the boards of publicly held companies. U.S. Rep. Kathleen Rice (D-NY) also will sponsor the resolution, which would be the House version of Senate Rule 37.6(a).
“We must change the rules to prevent members from serving on corporate boards in order to improve the public’s trust in Congress,” said Reps. Reed and Rice in a joint statement.
“There should never be a doubt in the public’s mind to lead them to think their representative could be corrupted or incriminated because of their stake or position in a private company,” the lawmakers added. “We owe the American people this fair assurance.”
Contained in the U.S. Senate Select Committee on Ethics’ Code of Official Conduct, the Senate rule states that no U.S. senator “shall serve as an officer or member of the board of any publicly held or publicly regulated corporation, financial institution or business entity.” The code also covers conduct rules related to gifts, travel, specific activities, financial disclosures, and future employment, among others.
Reps. Reed and Rice want to include their proposed rule in the House Ethics Committee’s Code of Official Conduct, which includes rules covering the same situations as the Senate’s code.
The forthcoming House amendment came the day after a federal indictment was announced on Aug. 8 of U.S. Rep. Chris Collins (R-NY), who is accused of insider trading while serving on the board of the biotechnology company that he allegedly shared inside knowledge about to family members. Rep. Collins released a Twitter statement Saturday saying he will suspend his re-election campaign, but stay on the ballot and fight the “meritless” charges. The congressman also said he would finish the rest of his congressional term.
In announcing the House ethics resolution, Reps. Reed and Rice noted that the “change is important and long overdue, and we urge our colleagues in the House to pass this resolution.”