Congress hardly witnesses progressives and far-right Republicans coming together on anything, but three polarizing representatives are finding common ground over an unlikely but significant matter: congressional stock investments.
Reps. Alexandria Ocasio-Cortez (D-NY) of the Progressive Caucus, Matt Gaetz (R-FL) of the Freedom Caucus, and Rep. Brian Fitzpatrick (R-PA), co-chair of the bipartisan Problem Solvers Caucus, introduced the Bipartisan Restoring Faith in Government Act on Tuesday. Rep. Raja Krishnamoorthi (D-IL) has signed onto the bill as well.
DEMOCRATIC CONGRESSMAN LIKELY VIOLATED STOCK DISCLOSURE LAW, EXPERTS SAY
The bill, if passed, would prohibit members of Congress, their spouses, and their dependents from trading in stocks and making financial investments.
“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,” Fitzpatrick said in a statement. “We must move forward on issues that unite us, including our firm belief that trust in government must be restored.”
Ocasio-Cortez said the ability of members of Congress to trade stock “erodes the public’s trust in government.”
“When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple,” Ocasio-Cortez said.
Ocasio-Cortez and Gaetz rarely agree on any measure, but Gaetz echoed Ocasio-Cortez’s comments that as long as the public’s concerns about “insider trading hang over the legislative process,” Congress will never “regain the trust” of the United States.
“Members of Congress are spending their time trading futures instead of securing the futures of our fellow Americans,” Gaetz said. “We cannot allow the Swamp to prioritize investing in stocks over investing in our country.”
Ocasio-Cortez and Gaetz have had no shortage of sparring matches. In June 2022, the New York representative blasted Gaetz for saying Rep. Jamie Raskin (D-MD) was “unable” to perform his congressional duties without bringing his personal grief of losing his son to suicide to the job.
She referred to Gaetz as a “bad haircut.”
“Gaetz is a bad haircut in a cheap suit, a feat of mediocrity given that he’s here on papa’s money. Bye,” Ocasio-Cortez said.
Gaetz hit back at her, saying, “Stop trying to date me. I’m married.”
Ocasio-Cortez has also criticized Gaetz’s connection to former President Donald Trump and other Republicans. She poked at Gaetz and several other GOP members on whether they asked Trump for a pardon after the Jan. 6, 2021, riot at the Capitol.
Fitzpatrick added that prohibiting members of Congress, who have access to “sensitive, inside information,” from trading stocks is “basic common sense and basic Integrity 101.”
“We all view this as a critical first step to return the House of Representatives back to the People,” he added.
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A bipartisan group of 37 lawmakers, led by Reps. Chip Roy (R-TX) and Abigail Spanberger (D-VA), introduced a similar bill in January called the TRUST in Congress Act.
Congress passed the STOCK Act in 2012, making it illegal for members of Congress to trade stocks based on their insider knowledge. However, as Congress does not have prosecutorial authority, Roy and Spanberger’s bill would put “certain investment assets into a qualified blind trust during their entire tenure in Congress, effectively banning them from trading individual stocks.”
A previous version of this story reported Rep. Adam Schiff (D-CA) was a co-sponsor of the TRUST in Congress Act, not Rep. Chip Roy (R-TX). The Washington Examiner regrets the error.
