U.S. Senators Ossoff & Kelly Introduce Bill Based On Spanberger's TRUST in Congress Act, Momentum Grows for Congresswoman's Effort to Prevent Insider Trading by Members of Congress

Statement

U.S. Senators Jon Ossoff (D-GA) and Mark Kelly (D-AZ) last night introduced the Ban Congressional Stock Trading Act, legislation based on U.S. Representative Abigail Spanberger's Transparent Representation Upholding Service and Trust (TRUST) in Congress Act. This now-bicameral effort builds on Spanberger's longstanding push to prevent insider trading by Members of Congress, their spouses, and their dependent children.

Spanberger's TRUST in Congress Act would increase transparency and reduce opportunities for insider trading by requiring Members of Congress -- as well as their spouses and dependent children -- to put certain investment assets into a qualified blind trust during their entire tenure in Congress. By establishing this new firewall between Members and their investments, the TRUST in Congress Act would make sure Members of Congress cannot use their positions in the U.S. House or U.S. Senate to unethically inform investment decisions or influence the value of their existing investments.

"In the early days of the COVID-19 pandemic, we saw the public react to accusations of insider trading by lawmakers -- not with shock, but with a shrug. The perception of insider trading itself, let alone the practice of it, by Members of Congress is damaging to our democracy," said Spanberger. "The TRUST in Congress Act would help restore trust and make sure the public knows that lawmakers are serving the public -- not serving their stock portfolios. Yesterday, I was glad to see Senators Ossoff and Kelly help lead the shared effort to enact good governance reforms within the halls of Congress. And in recent days, I have been encouraged to see the TRUST in Congress Act receive a wide range of support from lawmakers as we build momentum."

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