Congressman Brian Fitzpatrick. Credit: LevittownNow
The bipartisan letter, co-signed by 18 other members, calls for a vote on any of the several bills introduced this Congress that would end the practice of congressional stock trading.
(The following information was provided by the office of U.S. Congressman Brian Fitzpatrick.)
On July 10, Congressmen Brian Fitzpatrick (PA-1) and Jared Golden (ME-2) led a bipartisan group of 20 lawmakers, pressing House Leadership to bring forward a vote on legislation that would prohibit members of Congress from owning and trading individual stocks.
“Americans should rightfully expect Members of Congress to work relentlessly on their behalf to tackle the challenges facing our communities and country, rather than exploit their public position for personal gain,” said Fitzpatrick. “We must bring this common-sense, bipartisan legislation to the House floor and, once and for all, prohibit Members of Congress from trading stocks. Our constituents deserve better, and it is time to ensure we deliver results that benefit them and our communities across the country, not the pockets and unethical enrichment of elected officials.”
“Members of Congress should be working in service of their constituents, not using their positions to line their own pockets. Personal stock portfolios do nothing to help our districts, and even the appearance of insider trading undermines faith in elected officials’ priorities,” said. “Anyone who feels the same should have no problem voting for this common sense, long overdue step.”
Fitzpatrick and Golden sent the bipartisan letter, co-signed by 18 other members, calling for a vote on any of the several bills introduced this Congress that would end the practice of congressional stock trading.
“We believe that taking action on this common-sense, bipartisan legislation will ensure that members of Congress are serving the country and their constituents, not their bank accounts,” the lawmakers wrote in the letter. “Our constituents across the political spectrum support these efforts. According to recent polling, 86 percent of Americans– including 87 percent of Republicans, 88 percent of Democrats, and 81 percent of Independents – support prohibiting members of Congress and their families from trading stocks.”
“It’s been nearly two years since House leadership committed to holding a vote on a bill to reform stock trading practices for Members of Congress. In a hyper-partisan political environment where American approval ratings of Congress are at an all-time low, this is a common-sense and bipartisan change, making it crystal clear that we come to Washington to serve our constituents, not to serve our own financial interests.” they wrote.
Joining Fitzpatrick and Golden to push for a vote on the stock trading ban for members of Congress were Representatives Katie Porter (CA-47), Abigail Spanberger (VA-7), Angie Craig (MN-2), Dean Phillips (MN-3), Matt Cartwright (PA-0), Seth Moulton (MA-6), Dusty Johnson (SD-At Large), Marie Glusenkamp Perez (WA-3), Seth Magaziner (RI-2), Mike Levin (CA-49), Gabe Vasquez (MN-0), Sharice Davids (KS-03), Donald Davis (NC-1), Eric Sorensen (IL-17), Cory Mills (FL-7), Rosa DeLauro (CT-3), Josh Brecheen (OK-2), and Jen Kiggans (VA-2).
Since entering Congress, Congressman Fitzpatrick, a former FBI Special Agent who oversaw the FBI’s Political Corruption Unit, has led and championed efforts that would reform our nation’s key institutions and ensure public officials act with integrity and in the public interest.
The letter stated as follows:
Dear Speaker Johnson and Minority Leader Jeffries:
We are writing to respectfully urge you to hold a vote on legislation to prohibit members of Congress from owning or trading stocks. As we head into the last few months of the 118th Congress, we believe that taking action on this common-sense, bipartisan legislation will ensure that members of Congress are serving the country and their constituents, not their bank accounts.
As you know, Congress passed the STOCK Act in 2012 to prevent members of Congress from using non-public information that they receive in the course of their work for personal stock trading benefits. However, recent investigations have found that 1 in 7 members violated the STOCK Act in the 117th Congress,1 97 members traded stocks in companies impacted by their committee assignments from 2019 to 2021,2 and members outperformed the S&P 500 by 17.5% in 2022.3 It is abundantly clear that more is needed to stop this type of behavior that is not only unethical but also undermines the public trust in our democratic institutions.
Fortunately, several bipartisan bills to prohibit members from owning or trading stocks have been introduced in the House. Our constituents across the political spectrum support these efforts. According to recent polling, 86 percent of Americans– including 87 percent of Republicans, 88 percent of Democrats, and 81 percent of Independents– support prohibiting members of Congress and their families from trading stocks.4
It’s been nearly two years since House leadership committed to holding a vote on a bill to reform stock trading practices for Members of Congress. In a hyper-partisan political environment where American approval ratings of Congress are at an all-time low, this is a common-sense and bipartisan change, making it crystal clear that we come to Washington to serve our constituents, not to serve our own financial interests.
We stand ready to work with you to advance this important legislative priority into law. Let’s get this done.
