On Tuesday, Just the News reported that Florida Republican Representative Matt Gaetz and New York Democratic Representative Alexandria Ocasio-Cortez have introduced a bill banning lawmakers, their spouses, or dependents from trading stocks. If that bill is ever passed, it will seriously diminish the incomes of the people who serve in Congress.
The article reports:
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.
The article concludes:
“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.
That is bipartisan legislation that most Americans can support. Unfortunately, I rather doubt it will become law.