This week, I was proud to join with Congressman Michael Cloud (R-TX) and Senators Jeff Merkley (D-OR), Sherrod Brown (D-OH) and John Fetterman (D-PA) to introduce the bipartisan Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, our legislation to end the practice of Members of Congress owning and trading stocks. As part of our legislative responsibilities, Members of Congress are often privy to information that is not available to the public, giving Members who trade in individual securities an unfair and sometimes illegal advantage over the general public. Even if Members choose not to act upon nonpublic information they acquire through their official duties, there is an unavoidable conflict of interest that exists so long as they continue to buy and sell stocks while making decisions that directly affect their values. The only way to eliminate this conflict of interest is to ban Members of Congress from owning or trading any individual securities, and that’s exactly what the ETHICS Act would do.
Banning the practice of buying and selling stocks in Congress had broad bipartisan support, both in Congress and across the country more broadly. An overwhelming 75 percent of Americans, including 70 percent of Democrats, 78 percent of Republicans, and 80 percent of Independents, support a stock trading ban. At a time when many Americans do not believe their elected officials serve the interests of their communities, it is imperative that this legislation moves forward to help restore accountability and trust in government. I urge my colleagues from both parties to join me in helping this important bill become law.
