Congressman Matt Gaetz (R-FL) and radical-leftist Congresswoman Alexandria Ocasio-Cortez (D-NY) have teamed up on a groundbreaking reform in a shocking example of aisle-crossing bipartisanship. A new bill jointly introduced by both Reps. would, if enacted, prohibit members of Congress from owning and trading individual stocks, closing a well-known conflict of interest that has existed since our nation’s founding.
According to The Post Millennial, the historic act is called the “Bipartisan Restoring Faith in Government Act” and was sponsored and introduced by Reps. Gaetz and Ocasio-Cortez alongside Rep. Brian Fitzpatrick (R-PA) and Rep. Raja Krishnamoorthi (D-IL).
“Members of Congress are spending their time trading futures instead of securing the future of our fellow Americans. We cannot allow the Swamp to prioritize investing in stocks over investing in our country.”
He added, “As long as concerns about insider trading hang over the legislative process, Congress will never regain the trust of the American people. Our responsibility in Congress is to serve the people, not hedge bets on the stock market.”
Members of Congress are spending their time trading futures instead of securing the future of our fellow Americans. We cannot allow the Swamp to prioritize… pic.twitter.com/KGcyYfWi3D
— Rep. Matt Gaetz (@RepMattGaetz) May 2, 2023
Ocasio-Cortez noted, “The ability to individually trade stock erodes the public’s trust in government. When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”
Krishnamoorthi added, “Members of Congress must be focused on their constituents, not their stock portfolios.”
Fitzpatrick summarized the political stakes well, stressing a bridge between the widest political divide in our country,
“The fact that Members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America.”
“We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that Members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information. This is basic common sense and basic Integrity 101. And we all view this as a critical first step to return the House of Representatives back to the People. I thank Representatives Ocasio-Cortez, Gaetz, and Krishnamoorthi for joining me in this effort.” Fitzpatrick concluded.
Post Millennial reported that the proposed law will require legislators to ensure all owned stocks are placed into blind trusts to be managed by an independent trustee responsible for making investment decisions. The bill further requires lawmakers to be prevented from sitting on the boards of public companies.
In February, spurred by reports of insider trading allegedly committed by then-Speaker Nancy Pelosi’s husband Paul Pelosi a group of over seventy lawmakers issued a letter to Nancy Pelosi and then-Minority leader Kevin McCarthy in support of several anti-insider trading bills under consideration in the House demonstrating broad bipartisan support for the bill.
A Republican Senate bill led by Sen. Josh Hawley (R-MO), the PELOSI Act (Preventing Elected Leaders from Owning Securities and Investments Act), was introduced in January of this year but has languished in committee in the Democrat-controlled chamber.