Group of House Democrats introduce new stock trading bill

A group of House Democrats introduced a new bill on Thursday that would ban the president, vice president, members of Congress, candidates for federal office, and their spouses and dependents from buying and selling individual stocks.

The bill, dubbed the No Getting Rich in Congress Act, is spearheaded by Reps. Haley Stevens (D-Mich.), Derek Tran (D-Calif.), Eric Sorensen (D-Ill.) and Andrea Salinas (D-Ore.). It marks the latest attempt by lawmakers to address an issue that has long vexed Congress despite bipartisan calls for reform.

Along with stocks, the bill prohibits the buying and selling of “futures, commodities, and cryptocurrency, with strict reporting and enforcement mechanisms, including penalties for violations,” according to a press release. It also prohibits “former public officials from lobbying on behalf of foreign adversaries” and extends ethics rules to spouses and dependents, among other provisions.

“The American people deserve leaders who are working for them, not for their stock portfolios, not for corporate board seats, and not for foreign adversaries,” Stevens, who is running for U.S. Senate, said in a statement. “Michiganders want results from their government, not self-dealing. The No Getting Rich in Congress Act draws a clear line: public servants must put their communities first, not profit.”

This isn’t the only effort by lawmakers to ban stock trading. 

Reps. Chip Roy (R-Texas) and Seth Magaziner (D-R.I.) had introduced a bipartisan bill last year, dubbed the Restore Trust in Congress Act, that would bar lawmakers, their spouses, dependent children and trustees from owning, buying or selling individual stocks. However, it didn’t have the support of Democratic leadership because it didn’t extend to the executive branch.

Magaziner then introduced a separate bill, with the backing of House Minority Leader Hakeem Jeffries (D-N.Y.), that extends a stock trading ban to the executive branch. House Democrats launched a discharge petition effort in January to force a vote on the bill. 

Separately, the House Administration Committee advanced a bill by Chair Bryan Steil (R-Wis.) that would allow members of Congress, their spouses and their dependent children to hold onto the stocks they already own but prevent them from buying new ones. No action, however, has been taken on the GOP-backed bill since.

Salinas said that the No Getting Rich in Congress Act creates “additional guardrails to ban trading by public officials and their families, to regulate any insider influence, and broaden ethics rules so that the people in power are motivated by serving the American people, not personal profit.” Rep. Marcy Kaptur (D-Ohio) has also co-sponsored the legislation.

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