Republican Florida Rep. Matt Gaetz and Democratic New York Rep. Alexandria Ocasio-Cortez introduced bipartisan legislation to ban financial investments by Congressional lawmakers and their families.
Gaetz and Ocasio-Cortez put forward the legislation Tuesday alongside Democratic Illinois Rep. Raja Krishnamoorthi and Republican Pennsylvania Rep. Brian Fitzpatrick, the lawmakers announced in a press release. The Bipartisan Restoring Faith in Government Act would prohibit ownership of financial investments by members of Congress, their spouses and dependents. (RELATED: EXCLUSIVE: Rep. Matt Gaetz Introduces Legislation To Cover Pay For Service Members If Government Shuts Down)
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
“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,” Gaetz said in the press release. “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.”
If enacted, individuals will be given 90 days to divest from their holdings or place them in a qualified blind trust to prevent potential conflicts of interest. Members of Congress will be required to produce proof of compliance with the guidelines upon request by the supervising ethics office. (RELATED: EXCLUSIVE: ‘Rotten To The Core’ — Matt Gaetz, House Republicans To Introduce Legislation Rejecting New FBI Headquarters)
“The ability to individually trade stock erodes the public’s trust in government,” Ocasio-Cortez said. “When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”