Golden, Fitzpatrick lead bipartisan coalition demanding vote on congressional stock trading ban

WASHINGTON — Congressmen Jared Golden (ME-02) and Brian Fitzpatrick (PA-01) today led a bipartisan group of 20 lawmakers in urging House Speaker Mike Johnson and Democratic Leader Hakeem Jeffries to hold a vote on legislation that would ban members of Congress from owning and trading individual stocks.  

“Members of Congress should be working in service of their constituents, not using their positions to line their own pockets. Personal stock portfolios do nothing to help our districts, and even the appearance of insider trading undermines faith in elected officials’ priorities,” Golden said. “Anyone who feels the same should have no problem voting for this common sense, long overdue step.” 

“Americans should rightfully expect Members of Congress to work relentlessly on their behalf to tackle the challenges facing our communities and country, rather than exploit their public position for personal gain,” Fitzpatrick said. “We must bring this common-sense, bipartisan legislation to the House floor and, once and for all, prohibit Members of Congress from trading stocks. Our constituents deserve better, and it is time to ensure we deliver results that benefit them and our communities across the country, not the pockets and unethical enrichment of elected officials.” 

“Americans across the political spectrum and across the country are tired of seeing headline after headline suggesting that lawmakers are profiting off their access to privileged information. For more than four years, I’ve led an effort to remove even the perception of impropriety by removing lawmakers’ ability to play the stock market — and I’ve been grateful for the support of Congressman Golden, Congressman Fitzpatrick, and dozens of my colleagues from both sides of the aisle,” Congresswoman Abigail Spanberger (VA-07) said. “As we enter the final stretch of the 118th Congress, I urge Speaker Johnson to build on our momentum and finally bring bipartisan legislation to the U.S. House floor that would ban Members of Congress from trading individual stocks. Because Members of Congress should be focused on the people they serve — not their own stock portfolios.” 

Golden and Fitzpatrick sent the bipartisan letter, co-signed by 18 other members, calling for a vote on any of the several bills introduced this Congress that would end the practice of congressional stock trading.

“We believe that taking action on this common-sense, bipartisan legislation will ensure that members of Congress are serving the country and their constituents, not their bank accounts,” the lawmakers wrote in the letter. “Our constituents across the political spectrum support these efforts. According to recent polling, 86 percent of Americans– including 87 percent of Republicans, 88 percent of Democrats, and 81 percent of Independents – support prohibiting members of Congress and their families from trading stocks.”

“It’s been nearly two years since House leadership committed to holding a vote on a bill to reform stock trading practices for Members of Congress. In a hyper-partisan political environment where American approval ratings of Congress are at an all-time low, this is a common-sense and bipartisan change, making it crystal clear that we come to Washington to serve our constituents, not to serve our own financial interests.” they wrote. 

Joining Golden and Fitzpatrick to push for a vote on the stock trading ban for members of Congress were Representatives Katie Porter (CA-47), Abigail Spanberger (VA-07), Angie Craig (MN-02), Dean Phillips (MN-03), Matt Cartwright (PA-08), Seth Moulton (MA-06), Dusty Johnson (SD-At Large), Marie Glusenkamp Perez (WA-03), Seth Magaziner (RI-02), Mike Levin (CA-49), Gabe Vasquez (MN-02), Sharice Davids (KS-03), Donald Davis (NC-01), Eric Sorensen (IL-17), Cory Mills (FL-07), Rosa DeLauro (CT-03), Josh Brecheen (OK-02), and Jen Kiggans (VA-02). 

Throughout his time in Congress, Golden has championed efforts to ensure public officials act in the public interest. In April, he unveiled his Government Integrity & Anti-Corruption Plan, which includes bans on stock trading by members of Congress, senior executive branch officials, and their families. His Stop Foreign Payoffs Act would similarly prohibit their ability to hold investments or earn a salary from foreign businesses.

The letter can be found here, and is included below in full:

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July 9, 2024

The Honorable Mike Johnson
Speaker
U.S. House of Representatives
H-232, The Capitol
Washington, DC 20515

The Honorable Hakeem Jeffries
Democratic Leader
U.S. House of Representatives
H-204, The Capitol
Washington, DC 20515

Dear Speaker Johnson and Minority Leader Jeffries:

We are writing to respectfully urge you to hold a vote on legislation to prohibit members of Congress from owning or trading stocks. As we head into the last few months of the 118th Congress, we believe that taking action on this common-sense, bipartisan legislation will ensure that members of Congress are serving the country and their constituents, not their bank accounts.

As you know, Congress passed the STOCK Act in 2012 to prevent members of Congress from using non-public information that they receive in the course of their work for personal stock trading benefits. However, recent investigations have found that 1 in 7 members violated the STOCK Act in the 117th Congress, 97 members traded stocks in companies impacted by their committee assignments from 2019 to 2021, and members outperformed the S&P 500 by 17.5% in 2022. It is abundantly clear that more is needed to stop this type of behavior that is not only unethical but also undermines the public trust in our democratic institutions.

Fortunately, several bipartisan bills to prohibit members from owning or trading stocks have been introduced in the House. Our constituents across the political spectrum support these efforts. According to recent polling, 86 percent of Americans– including 87 percent of Republicans, 88 percent of Democrats, and 81 percent of Independents– support prohibiting members of Congress and their families from trading stocks.

It’s been nearly two years since House leadership committed to holding a vote on a bill to reform stock trading practices for Members of Congress. In a hyper-partisan political environment where American approval ratings of Congress are at an all-time low, this is a common-sense and bipartisan change, making it crystal clear that we come to Washington to serve our constituents, not to serve our own financial interests.

We stand ready to work with you to advance this important legislative priority into law. Let’s get this done. 

Respectfully,

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