While serving in the state legislature, I vowed not to trade stocks that would have a conflict of interest at the state level. Now, in Congress, I’m continuing to refrain from trading individual stocks, and I believe all Members of Congress should do the same. Americans should have open, transparent, and honest representation without conflicts of interest getting in the way.
However, approximately 20% of Members of Congress are still buying and selling stocks where there may be a conflict of interest. During the 117th Congress, 78 members violated the current law, known as the STOCK Act, requiring public disclosure of trades within 45 days. It’s clear we need greater restrictions and penalties to prevent this abuse of power.
I introduced the Prohibit Insider Trading Act – a bipartisan bill to ban congressional stock trading for Members of Congress and impose a fine of up to $50,000 for violators. Specifically, this bill:
Prohibits Members of Congress and their spouses from transacting in individual stocks, futures, options, commodities, and warrants while serving in office. Diversified mutual funds, diversified ETFs, Treasury bills, and any investment in the Thrift Savings Plan (TSP) is exempt.
Mandates each Member submit to the supervising Ethics Committee a written certification of compliance within seven days after the beginning of any session of Congress.
Ensures Members or their spouses forfeit any investment profits to the U.S. Treasury if they are found in violation of the law. Additionally, Members who violate the requirements lose the ability to deduct losses of those investments on their income taxes.
Empowers the Ethics Committees to levy supplementary civil penalties up to $50,000 and make public any violations.
Requires the supervising ethics office to conduct an audit of compliance by every Member of Congress every two years.
This bipartisan bill aims to bring transparency, accountability, and hopefully, integrity back to Congress. The American people deserve to be able to trust that their civil servants are here to serve them, not to make a personal profit.
Read The Bill Text Here:
