90 Ex-House Members Call for Stock Trading Ban
A coalition of ninety one-time House members is pushing congressional leadership to advance a comprehensive ban on individual stock ownership and trading by sitting lawmakers and their families. Their appeal, unveiled Tuesday, calls on Speaker Mike Johnson and Minority Leader Hakeem Jeffries to fast-track the Restore Trust in Congress Act and bring it to the floor this year.
Their message urges the House’s top Republican and Democrat to anchor the measure to any essential legislative package, insisting they “strongly recommend attaching this legislation to a ‘must pass’ package before the conclusion of the year.” The signatories span Democrats, Republicans, and independents, reflecting broad bipartisan agreement among those no longer in office.
The group described the bill as the culmination of years of efforts to rein in congressional stock trading, arguing that its adoption “would eliminate the persistent appearance of insider trading among members of Congress.” They pointed to the erosion of public confidence in Washington and referenced surveys showing that Americans across the political spectrum overwhelmingly back restrictions on stock trades by lawmakers.
Their letter also highlighted a Wall Street Journal review that documented a burst of trading activity by lawmakers and relatives in early April, shortly before markets dived following President Trump’s sweeping tariff move. They raised this as evidence of why tougher guardrails are overdue.
“As former members of Congress from both parties, we’re deeply committed to the ongoing health of our democracy and the institution of Congress,” the letter stated. It continued, “The American people understand that our elected lawmakers cannot be both the referee and the player – that presents a clear conflict of interest. Even the appearance of self-dealing does damage.”
The Restore Trust in Congress Act sets strict limits, barring legislators, their spouses, and dependent children from purchasing, holding, or selling individual stocks, securities, or futures—with a few narrow exceptions. Investments such as mutual funds, ETFs, municipal bonds, and treasuries would remain permitted.
Under the proposal, current lawmakers would be required to unwind any prohibited investments within 180 days of the bill becoming law. Newly elected members would have 90 days to divest. The legislation additionally empowers the legislative ethics office to impose tougher penalties and enforce compliance more aggressively.
{Matzav.com}
