WASHINGTON (NewsNation) — A bipartisan group of House members on Wednesday unveiled a compromise bill to ban stock trading by individual members of Congress and their families.
The legislation, titled the Restore Trust in Congress Act, would combine several previously introduced bills aimed at banning congressional stock trading, according to an advisory.
Reps. Chip Roy, R-Texas, Seth Magaziner, D-R.I., Brian Fitzpatrick, R-Pa., Pramila Jayapal, D-Wash., Tim Burchett, R-Tenn., and Alexandria Ocasio-Cortez, D-N.Y., were among lawmakers present Wednesday.
The issue has gained attention as watchdogs highlight enormous returns on investments reported by members of Congress and their spouses in the market. Current law prohibits insider trading by lawmakers and requires additional disclosures, but critics argue the law does not go far enough to prevent conflicts of interest.
Both Speaker Mike Johnson, R-La., and House Minority Leader Hakeem Jeffries, D-N.Y., have said they would support a ban on members trading individual stocks.
Stock trading by members of Congress has long been an issue both parties have tried to tackle, especially as some elected officials have become wealthy while in elected office. During the COVID-19 pandemic in particular, it was disclosed that some lawmakers were trading based on information about the health crisis.
The Associated Press and NewsNation partner The Hill contributed to this report.
