Golden, Cloud introduce bipartisan bill to ban stock trading by senior executive branch officials

WASHINGTON — Congressman Jared Golden (ME-02) and Michael Cloud (TX-27) recently introduced the Dismantling Investments in Violation of Ethical Standards through Trusts (DIVEST) Act. The bipartisan bill would prohibit senior executive branch employees and their immediate families from trading individual stocks while serving in government — a push that builds on Golden’s existing efforts to ban stock trading by members of Congress.

Specifically, the DIVEST Act would force the president, vice president and other senior executive branch officials — as well as their spouses and dependent children — to place qualified investments such as stocks into a blind trust within 180 days of taking office. The bill includes fines for noncompliance. 

“Public service means putting the common good before personal gain. Senior executive officials have access to information that most Americans do not. Trading on that information is wrong, and even the appearance of insider trading undermines peoples’ faith that their government actually works for them,” Congressman Golden said. “While we continue to push for a ban on individual stock trading for Members of Congress, it’s beyond time to hold executive branch leaders accountable to their duty and I’m proud to help lead the bipartisan effort to do so with Congressman Cloud.”

“Public servants should serve the people — not their stock portfolios,” Congressman Cloud said. “Americans deserve to know that the officials regulating industries and setting policies aren’t making decisions based on personal financial gain.”

Throughout his time in Congress, Golden has championed reducing corruption and ensuring that public officials act in the public interest. In addition to leading both the DIVEST Actand legislation to ban stock trading by members of Congress last session, he introduced the Stop Foreign Payoffs Act — which would ban leaders in the legislative and executive branches from the widespread practice of earning a salary or holding investments in foreign businesses while in office. 

His comprehensive Government Integrity and Anti-Corruption Plan also includes new guardrails for government officials, efforts to reign in foreign influence and increase transparency in elections, and steps to reduce power of money in politics. Readouts of each bill and a detailed one-pager can be found on his website.

The full text of the legislation is included here.   

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