A bipartisan group of U.S. House members, including Representatives Alexandria Ocasio-Cortez (D-NY), Seth Magaziner (D-RI), and Chip Roy (R-TX), held a press conference to announce their support for new legislation aimed at banning members of Congress and their families from trading stocks while in office. The proposed legislation, known as the Restore Trust in Congress Act, seeks to consolidate various proposals into a single bill to facilitate its passage.
Rep. Magaziner emphasized the public's growing frustration with the current allowance for congressional stock trading, suggesting that the issue has reached a critical point where leadership can no longer ignore it. The bill aims to prohibit lawmakers, their spouses, and dependent children from owning, buying, or trading individual stocks, even if those assets are placed in blind trusts. Under the proposed rules, newly elected members would be required to divest any existing stocks shortly after taking office, with penalties for violations including a 10% fee on the value of the investment.
Support for the bill spans across political lines, attracting both conservative and progressive lawmakers. However, it does not extend to executive branch officials, which differentiates it from a separate proposal by Senator Josh Hawley (R-MO) that faced criticism and is unlikely to advance.
Despite the apparent momentum behind this initiative, opposition remains significant. Some lawmakers argue that such restrictions could deter private sector professionals from entering politics, citing concerns about limiting career diversity in Congress. The debate continues as the bill's supporters assert the need for public officials to prioritize the nation's interests over personal financial gain. Rep. Anna Paulina Luna (R-FL) indicated plans to push for a vote if the leadership does not act on the proposal by the end of the month.