A bipartisan group of lawmakers, including Republican Congressman Brian Fitzpatrick, has introduced a bill that would ban stock trading by members of Congress and their families.
The Restore Trust in Congress Act was introduced by Fitzpatrick, Alexandria Ocasio-Cortez, a Democrat from New York; Seth Magaziner, a Democrat from Rhode Island; Chip Roy, a Republican from Texas; Pramila Jayapal, a Democrat from Washington state; and Tim Burchett, a Republican from Tennessee.
The legislation would prohibit members of Congress, their spouses, and dependent children from owning, buying or trading individual stocks or other assets.
The bill would require lawmakers to sell any stocks, options, futures, and commodities they own shortly after taking office.
Any member of Congress who violates the ban would be required under the proposal to pay a fee equal to 10 percent of the value of the investment and forfeit any profits from it.
The president and vice president would not be covered by the legislation.
Lawmakers trading stocks has been a source of public outrage and scrutiny in recent years, with some members of Congress generating large profits from their trades.
The nonpartisan Campaign Legal Center stated that lawmakers have conflicts of interest and are “privy to information before the broader public and may be incentivized to use this information to line their own pockets before they use it to inform policymaking.”
A New York Times investigation reported that from 2019 to 2021, 18 percent of members of Congress traded stocks in sectors related to the work of the congressional committees they served on.
“The information we have access to as members of Congress should only be used to serve our constituents, not ourselves,” Ocasio-Cortez said. “We have generated the momentum necessary to be able to introduce the bipartisan Restore Trust in Congress Act.”
Roy said the bill “ensures that members of Congress will no longer be able to put the stock market first in their official decisions.”
Fitzpatrick, a former FBI special agent who oversaw political corruption cases, said ending congressional stock trading has been one of his top priorities.
“A bipartisan coalition of this magnitude sends a clear message to the American people: we hear you, and we’re taking action to ensure no Member of Congress uses public office for personal gain once and for all,” Fitzpatrick said. “If you’re in Congress, you serve the public interest—not your portfolio.”
Among the lawmakers who have drawn criticism for their stock trades are Democratic Rep. Nancy Pelosi, of California; Democratic Sen. Ron Wyden, of Oregon; Republican Rep. Rob Bresnahan, of Pennsylvania; and Republican Rep. Marjorie Taylor Greene, of Georgia.
A similar bill from Republican Sen. Josh Hawley of Missouri advanced from a committee in July. However, it was criticized by President Donald Trump, who has a significant portion of his wealth related to stocks.
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