U.S. Reps. Abigail Spanberger (D-VA) and Chip Roy (R-TX) have sponsored a bill that would effectively ban members of Congress from trading individual stocks while in Congress.
Specifically, the Transparent Representation Upholding Service and Trust (TRUST) in Congress Act would require members of Congress, as well as their spouses and dependent children, to put certain investment assets into a qualified blind trust during their entire tenure in Congress.
This measure would effectively ban them from trading individual stocks during their time in Congress and ensure that members of Congress cannot use their positions to unethically inform investment decisions, influence the value of their existing investments, or contribute to greater distrust between the American people and their elected officials.
“We are long overdue for a vote on legislation to ban Members of Congress and their spouses from trading individual stocks. Last Congress, we saw the TRUST in Congress Act receive the most bipartisan support of any effort to do so. We saw tremendous momentum, we saw growing support in our districts, and we saw growing recognition across the political spectrum that such a reform needs to be made now,” Spanberger said. “I’ve been proud to lead the charge on this issue, and I want to thank my colleague Congressman Roy for his continued partnership as we reduce potential conflicts of interest in the halls of the U.S. Capitol. Our TRUST in Congress Act would demonstrate that lawmakers are focused on serving the interests of the American people — not their own stock portfolios.”
The bill is endorsed by several advocacy and government accountability organizations across the political spectrum — including the Project On Government Oversight (POGO), National Taxpayers Union, Citizens for Responsibility and Ethics in Washington (CREW), Public Citizen, Campaign Legal Center, Taxpayers for Common Sense, FreedomWorks, Taxpayers Protection Alliance, Protect Democracy, Americans for Prosperity, Government Accountability Project, Issue One, PEER, Democracy12, Fix the Court, and ECU Action Fund.
“NTU is pleased to endorse the TRUST in Congress Act again, and we appreciate the ongoing leadership of this effort by Representatives Roy and Spanberger. Members of Congress hold privileged positions of power and access to classified information, and should not be able [to] buy, sell, and trade individual stocks during their time of service,” Andrew Lautz, director of Federal Policy at the National Taxpayers Union (NTU), said.