Rep. Kiggans Co-Leads Bipartisan Bill to Ban Congressional Stock Trading 

WASHINGTON, D.C. – Congresswoman Jen Kiggans (R-VA), along with a bipartisan group of Members of Congress, introduced the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act. This landmark legislation would prohibit Members, their spouses, and their dependent children from owning or trading individual stocks, securities, commodities, or futures. 

Joining Congresswoman Kiggans are Reps. Raja Krishnamoorthi (D-IL), Michael Cloud (R-TX), Alexandria Ocasio-Cortez (D-NY), Josh Riley (D-NY), and Joe Neguse (D-CO).

“When it comes to owning and trading stocks, Members of Congress must be above reproach,” said Congresswoman Kiggans. “The ETHICS Act will ensure no Member of Congress can use their power and position to enrich themselves. When more and more Americans are losing trust in our institutions, including Congress, this bipartisan bill is one way we can begin to restore that trust.”

“When Members of Congress hold financial assets that stand to be affected by their own policy decisions, it creates not just the appearance, but often the reality, of a conflict of interest,” Congressman Krishnamoorthi said. “The ETHICS Act is the most comprehensive reform ever proposed to eliminate those conflicts and restore Americans’ trust that their elected representatives are working for the public good, not personal gain.”

You can find the full text of this bill here.

Background:

The ETHICS Act addresses widespread public concern that Members of Congress may use non-public information gained through their positions to inform their personal stock trades. Investigations and reporting have highlighted numerous instances of lawmakers trading in companies directly related to their work on congressional committees, and polling shows that 70% of voters support banning the practice.

The legislation is designed to eliminate these conflicts of interest and restore public trust. Key provisions of the act include:

• A ban on Members of Congress, their spouses, and dependent children from owning or trading individual stocks, securities, or commodities.
• A requirement for members to either divest (sell) their prohibited assets or place them into a highly regulated Qualified Blind Trust.
• Strong penalties for violations, including fines equal to at least the member’s monthly pay.