Following Hearing on Congressional Stock Trading Ban, Golden, Spanberger Lead Bipartisan Group Urging House Committee to Take Action
WASHINGTON — Congressman Jared Golden (ME-02) and Congresswoman Abigail D. Spanberger (VA-07) led a bipartisan group of 19 of their House colleagues to call on House Administration Committee Chair Zoe Lofgren and Ranking Member Rodney Davis to take action to advance legislation to ban members of Congress from trading or selling individual stocks. Their letter comes after a hearing last week in which the committee heard strong testimony in support of a stock trading ban for members of Congress and their immediate families.
"We write today to urge your committee to advance strong legislation to ban members of Congress from directly owning or trading stocks while in office," wrote the lawmakers. "While we are encouraged that the Committee on House Administration has held a hearing on this issue, we urge you to swiftly follow up on this hearing with a markup to advance bipartisan legislation, such as the TRUST in Congress Act or the Ban Conflicted Trading Act."
In addition to calling for a markup of the bipartisan legislation to ban members from trading or selling individual stocks, the group laid out several core provisions needed to keep such legislation strong and effective:
- A ban on direct ownership and trading of individual stocks by members' spouses and dependent children.
- No exceptions for stocks acquired prior to entering Congress.
- Effective enforcement of these rules with heavy fines.
Joining Golden and Spanberger to push for the legislation were Representatives Brian Fitzpatrick (PA-01), Madeleine Dean (PA-04), Matt Gaetz (FL-01), Marie Newman (IL-03), Greg Stanton (AZ-09), Haley Stevens (MI-11), Mark Pocan (WI-02), Susan Wild (PA-07), Antonio Delgado (NY-19), Angie Craig (MN-02), Diana DeGette (CO-01), Sharice Davids (KS-03), Jason Crow (CO-06), Charlie Crist (FL-13), Tom O'Halleran (AZ-01), Andy Levin (MI-09), and Darren Soto (FL-09).
"Americans across the political spectrum support banning members of Congress from trading stocks," the lawmakers wrote. "If we seek to write off their concerns with a toothless gimmick, they will see through it and continue to mistrust their elected officials. We stand ready to work with you on a bipartisan proposal as it moves through the legislative process."
Read a copy of Golden, Spanberger, and their colleagues' letter to House committee leaders here.
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