Johnson, Roy, Magaziner Lead Bill to Ban Individual Stock Trading in Congress
Washington, D.C. – Today, U.S. Representatives Dusty Johnson (R-S.D.), Chip Roy (R-TX), and Seth Magaziner (D-RI) re-introduced the bipartisan TRUST in Congress Act to prohibit Members of Congress, their spouses, and dependent children from trading individual stocks during their time in Congress.
“Most Americans agree that congressmen should be banned from buying stocks,” said Johnson. “As members of Congress, we may have access to information regarding companies and markets, and we absolutely should not have the ability to use this information for personal gain.”
The TRUST in Congress Act requires a Member of Congress, their spouse, and dependent children to place stock investments into a qualified blind trust until 180 days after the end of their tenure in Congress. A covered investment under this bill is defined as investment in a security, a commodity, or a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative.
Johnson cosponsored the TRUST in Congress Act in the 117th and 118th Congress.
Read full bill text here.
###
This is a good bill and should have been a law a long time ago.