CLC Applauds Bipartisan Legislation to Ban Congressional Stock Trading

Washington, DC — Today, a bipartisan bill was introduced in the House of Representatives that could help address a longstanding ethics problem in Congress. The “Restore Trust in Congress Act” strengthens existing rules on congressional stock trading by prohibiting Members of Congress, as well as their spouses and dependents, from owning or trading stocks. Campaign Legal Center (CLC) has advocated for years for legislation that bans trading individual stocks and properly penalizes members who break the law, all core tenants of the bill introduced today.  

This reform is needed to address the shortcomings of the STOCK Act, which over a decade after its passage, has not lived up to its goal of increasing public trust that Members of Congress are prioritizing the needs of everyday Americans over their own personal wealth.  

While multiple efforts have been put forth to reform congressional stock trading, this latest solution by House members offers the necessary bipartisan support needed to pass this law. With the Senate working to advance similar legislation, a full ban on congressional stock trading moves closer to becoming law.    

Kedric Payne — CLC’s vice president, general counsel, and senior director, ethics — issued the following statement in response to this development:  

“Campaign Legal Center has been fighting for years to improve laws regulating the way Members of Congress trade stocks. As long as sitting lawmakers are allowed to trade stocks connected to the industries they oversee, the public will question whether they are prioritizing their own personal profits over the public interest. We applaud this bipartisan legislation that incorporates the key provisions of stock act reform CLC has fought to advance — a ban on stock ownership that is enforceable and holds lawmakers accountable.”  

Over a decade of poor enforcement of the STOCK Act — and allegations of lawmakers enriching themselves during times of economic uncertainty or public crisis — has contributed to decreased public trust in our elected officials, institutions and government.  

CLC has long called on Congress to implement a full ban on stock trading by sitting lawmakers — alongside enforceable accountability mechanisms that ensure no one can skirt the law.  

Catch up with our multi-year effort to highlight the problem of congressional stock trading and advance meaningful reform efforts here.