JUST IN: AOC And Matt Gaetz Teaming Up To Ban Lawmakers From Owning Stocks

On Tuesday, a group of bipartisan lawmakers, led by Congressman Brian Fitzpatrick, Congresswoman Alexandria Ocasio-Cortez, Congressman Matt Gaetz, and Congressman Raja Krishnamoorthi, introduced the “Bipartisan Restoring Faith in Government Act.” The bill is aimed at restoring trust in the American government and is a collaborative effort across party lines.

The bill seeks to prohibit financial investments by members of Congress, their spouses, and any dependents, in order to address concerns over conflicts of interest and corruption within the legislative branch.

The introduction of the bill follows a series of recent controversies involving lawmakers’ financial investments, including allegations of insider trading and conflicts of interest. The Restoring Faith in Government Act aims to address these concerns by imposing strict limitations on the financial activities of members of Congress and their families.

“Members of Congress 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,” said Congressman Gaetz.

“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,” he finished.

“The ability to individually trade stock erodes the public’s trust in government,” said Ocasio-Cortez. “When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”

The Bipartisan Restoring Faith in Government Act aims to amend the United States Code to limit trading and ownership of certain financial instruments by Members of Congress, their spouses, and dependents. The bill seeks to add a new subchapter, the Prohibition on Congressional Ownership of Financial Investments, to Chapter 131 of Title 5 of the United States Code.

The bill defines the covered financial instruments as “any investment in a security, a security future, a commodity, and any economic interest comparable to an interest described in subclause (I) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means.” Covered individuals refer to Members of Congress, their spouses, and dependents. The bill prohibits covered individuals from owning or trading any covered financial instrument except for some specific cases.

“The fact that Members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America,” said Congressman Fitzpatrick.

“We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that Members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information.”

Fitzpatrick finished, “This is basic common sense and basic Integrity 101. And we all view this as a critical first step to return the House of Representatives back to the People. I thank Representatives Ocasio-Cortez, Gaetz, and Krishnamoorthi for joining me in this effort.”

The bill permits certain exceptions, including the holding of qualified blind trusts, diversified investment funds, and securities issued or held by the United States government. It also allows the supervising ethics office to grant exemptions in some limited circumstances.