(Photo: Getty Images; Illustration: Leslie Garvey / POGO)
Press Release
New Spineless Stock Trading Ban Could Tank Bipartisan and Genuine Reform in Congress
Congress must prioritize real reform to regain the public’s trust
Washington, D.C. — In an attempt to draw attention away from genuine bipartisan reforms to end stock trading by members of Congress, the House Administration Committee introduced a weak bill that would continue to allow dozens of representatives to cheat the system for their own financial gain. Government watchdogs are raising alarm bells on this thinly veiled attempt to sink the Restore Trust in Congress Act, a bipartisan bill that would help put an end to insider trading in Congress and has been gaining significant momentum in recent weeks.
Dylan Hedtler-Gaudette, acting vice president of Policy & Government Affairs at the Project On Government Oversight (POGO), issued the following statement:
“After years of inaction and insufficient stopgaps, we finally have growing, bipartisan agreement on legislation that would crack down on insider trading in Congress. But a new proposal from Representative Steil and the House Administration Committee that offers reform in name only could kill that momentum.
“Representative Steil’s bill is just a watered-down version of the popular, bipartisan Restore Trust in Congress Act. His version would let members of Congress dump stocks on their own terms, giving them wide latitude to make decisions that improve their own bottom line rather than serve the public’s best interest.
“Lawmakers have the opportunity to show the public that Congress is still a place where ethics and transparency rule the day. The bipartisan Restore Trust in Congress Act is a long-awaited — and genuine — attempt to restore fairness and accountability by preventing members, their spouses, and their dependents from gaming the system, while still protecting their ability to invest in the economy like any other American.
“Congress must uphold their promise to the American people and bring the comprehensive, bipartisan Restore Trust in Congress Act to the floor, ignoring weak, political ploys that only enable the status quo.”
