AOC, Gaetz introduce bipartisan ban on lawmakers trading stocks

Covered individuals may still invest in "widely held investment funds" or government bonds.

Published: May 2, 2023 3:45pm

New York Democratic Rep. Alexandria Ocasio-Cortez and Florida Republican Rep. Matt Gaetz have joined forces to introduce a bill banning lawmakers, their spouses, or dependents from trading stocks.

House Problem Solvers Caucus co-chair Rep. Brian Fitzpatrick, R-Penn., and Democratic Illinois Rep. Raja Krishnamoorthi joined the pair in introducing the Bipartisan Restoring Faith in Government Act on Tuesday.

The bill further grants lawmakers a 90-day window during which they must divest themselves of their existing stocks. Moreover, should the spouse of a lawmaker receive "any financial instrument" as compensation for their main employment, they will have 90 days to sell it from the date they are contractually permitted to do so.

Covered individuals may still invest in "widely held investment funds" or government bonds.

Fitzpatrick celebrated the bill, saying "[t]he 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."

"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," Gaetz warned.

AOC, meanwhile, echoed his remarks, saying "[t]he ability to individually trade stock erodes the public’s trust in government."

"Members of Congress must be focused on their constituents, not their stock portfolios," Krishnamoorthi added.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.

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