WASHINGTON—A group of members of the U.S. House of Representatives has launched a fresh effort to ban the trading of stocks in companies by members of Congress.
The “Restore Trust in Congress Act” is a bipartisan bill sponsored by Rep. Chip Roy (R-Texas), with co-sponsorship from Rep. Seth Magaziner (D-R.I.), that seeks to ban members of Congress, their spouses, dependent children, and trustees from buying and selling individual stocks, securities, commodities, or option/futures contracts. If passed, would require present members to divest from such instruments.
“[F]or the first time, a bipartisan coalition is standing together behind a united proposal to do just that. The Restore Trust in Congress Act ensures that members of Congress will no longer be able to put the stock market first in their official decisions,” remarked Roy at a press conference on Sept. 3, where he and Magaziner unveiled the legislation….