CLC Urges Return to Bipartisanship to Ban Congressional Stock Trading

Today, Republican members of the U.S. House of Representatives announced new legislation that dramatically weakens a bipartisan, consensus proposal to prohibit members of Congress and their families from trading individual stocks. While this new legislation would stop lawmakers from buying additional stocks, it would fall short by allowing them to keep or sell the assets they already own — and retain the profits. It also would not prevent members of Congress from voting or acting in ways that benefit their existing holdings.  

Last month, House Democrats also jeopardized the bipartisan compromise on stock trading by introducing a separate proposal that does not have enough support to become law. That bill would have included the president and vice president in the stock trading ban.  

Kedric Payne, vice president, general counsel and senior director for ethics at the nonpartisan Campaign Legal Center, issued the following statement:  

“Any legislation that allows lawmakers to hold onto their existing stocks is too narrow to address Americans’ real concern that elected lawmakers may make official decisions to benefit their pocketbooks instead of the public good. A bill that also bans trading by the president and vice president, meanwhile, is too broad because it undermines the chances of passing the reform voters care most about: stock trading by members of Congress.  

“Thankfully, there is a proposal on the table that strikes the balance for this moment: the Restore Trust in Congress Act. This consensus legislation was crafted during months of negotiations by lawmakers on both sides of the aisle. It has more than enough support to pass, and it would make a significant improvement to our nation’s government ethics laws. Campaign Legal Center calls on Congress to return its focus to this bipartisan bill and set an example for the other branches of our government.”

###

The nonpartisan Campaign Legal Center advances democracy through law. We safeguard the freedom to vote, defend voters’ right to know who is spending money to influence elections, and work to ensure public trust in our elected officials.

Learn more about CLC. Don't miss out on our latest resources: Subscribe to President Trevor Potter's newsletter on LinkedIn or email, tune in to the latest season of our award-winning podcast, Democracy Decoded, and join our livestreamed events.