U.S. Rep. Abigail Spanberger (D-VA) is urging the U.S. House Committee on House Administration to hold a hearing on efforts to ban Members of Congress and their families from trading individual stocks while serving in Congress.
Spanberger, in a letter to committee leadership, discussed recent reports on suspiciously timed trades related to the collapse of Silicon Valley Bank, as well as several other financial institutions. Further, she called for swift congressional action to prevent lawmakers and their families from trading individual stocks.
“Additional reporting on suspiciously timed trades among Members of Congress has further eroded the public’s trust in their elected officials — including related to the Silicon Valley Bank collapse,” Spanberger wrote in the letter. “Accordingly, I am writing to once again urge the Committee on House Administration to hold a hearing on proposals to ban Members of Congress, their spouses, and their dependent children from trading stocks.”
Earlier this year, Spanberger and U.S. Rep. Chip Roy (R-TX) introduced the Transparent Representation Upholding Service and Trust (TRUST) in Congress Act to ban Members of Congress, their spouses, and their dependent children from trading individual stocks.
Specifically, the TRUST in Congress Act would require lawmakers and their families to put certain investment assets into a qualified blind trust during their entire tenure in Congress. The legislation now has more than 55 Democratic and Republican cosponsors.
“Unfortunately, reporting in recent weeks has shed light on even more questionable trades by our colleagues. Just last week, multiple reports showed that several Members of Congress sold bank stocks just days before the Silicon Valley Bank failure — including after receiving briefings on this situation. Coincidental or not — it does not matter. Our constituents are sick and tired of reading these headlines — they deserve action,” she added in her letter.
Spanberger testified before the U.S. House Committee on House Administration last month to advocate for the TRUST in Congress Act.