In a move that has surprised many, Democrat Alexandria Ocasio-Cortez and Republican Matt Gaetz have joined forces to introduce a bill that would ban members of Congress from trading individual stocks.
The bill, the Bipartisan Restoring Faith in Government Act, would prohibit members of Congress, their spouses, and any of their dependents from buying, selling, or holding individual stocks. The bill would also require members of Congress to place their assets in a blind trust.
“The ability to individually trade stock erodes the public’s trust in government,” Ocasio-Cortez said. “When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”
“Members of Congress,” Gaetz said, “are spending their time trading futures instead of securing the future of our fellow Americans. We cannot allow the Swamp to prioritize investing in stocks over investing in our country.”
“As long as concerns about insider trading hang over the legislative process, Congress will never regain the trust of the American people. Our responsibility in Congress is to serve the people, not hedge bets on the stock market,” the Florida lawmaker said.https://twitter.com/NickFondacaro/status/1654506975625871369
Ocasio-Cortez and Gaetz have said that the bill is necessary to restore public trust in government. They have argued that the current system allows members of Congress to profit from their positions of power, which creates a conflict of interest.
The bill has been met with mixed reactions. Some have praised Ocasio-Cortez and Gaetz for putting aside their differences and working together on an important issue. Others have criticized the bill, arguing that it is too broad and would infringe on the rights of members of Congress.
Only time will tell whether the bill will be successful. However, its introduction is a sign that some lawmakers are willing to take steps to address the issue of corruption in government.
Sara Haines points out "Congress is the problem" and argues that we should focus on their ethics because what they do is more consequential and easier to manipulate for personal gain.
She also touts Matt Gaetz and AOC partnering on legislation to clamp down on stock trading. pic.twitter.com/wsqAn8LKYE
— Nicholas Fondacaro (@NickFondacaro) May 5, 2023