Politics

Matt Gaetz Teams Up With Ocasio-Cortez On Proposed Legislation To Ban Congressional Stock Trades

WASHINGTON, DC - APRIL 26: U.S. Rep. Matt Gaetz (R-FL) is followed by members of the media as he walks in the U.S. Capitol on April 26, 2023 in Washington, DC. Speaker McCarthy said they would vote on Wednesday, on a bill to raise the $31.4 trillion federal debt ceiling. (Photo by Tasos Katopodis/Getty Images) WASHINGTON, DC - JANUARY 26: Rep. Alexandria Ocasio-Cortez (D-NY) speaks during a news conference with Democratic lawmakers about the Biden administrations border politics, outside the U.S. Capitol on January 26, 2023 in Washington, DC. A group of 77 Democratic lawmakers sent a letter to President Joe Biden this week criticizing his administrations policies restricting asylum access for migrants crossing the southern border. (Photo by Drew Angerer/Getty Images)

(Photo by Tasos Katopodis/Getty Images) (Photo by Drew Angerer/Getty Images)

James Lynch Contributor
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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 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.”