Reps. Krishnamoorthi, Fitzpatrick, Mills, and Ocasio Cortez Re Introduce Bill to Ban Congressional Stock Training, Restore Trust in Government Officials

WASHINGTON - Today, Congressman Raja Krishnamoorthi (D-IL) joined with Reps. Brian Fitzpatrick (R-PA), Alexandria Ocasio-Cortez (D-NY), and Cory Mills (R-FL) to reintroduce the Bipartisan Restoring Faith in Government Act, legislation that will prohibit members of Congress, spouses, and dependents from trading, selling, and owning individual financial stocks. In 2022, members of Congress outperformed the S&P 500 by 17.5 percent, reinforcing the belief that members have unique access that allows them to benefit from insider information and undermining trust in American democracy and its institutions. An overwhelming 86 percent of Americans from both parties support banning members from trading and owning stocks, including 88 percent of Democrats, 87 percent of Republicans, and 81 percent of independents.

"Stock trading by Members of Congress, who have regular access to nonpublic information and the ability to directly influence stock values, fundamentally erodes public trust in government," Congressman Krishnamoorthi (IL-8) said. "That's why I am proud to support our bipartisan legislation to ban individual stock ownership and trading by Members of Congress to ensure they are focused on their constituents, not their stock portfolios."

"The American people deserve leaders who are accountable, transparent, and wholly committed to serving their communities and country-not their stock portfolios," Rep. Fitzpatrick said. "The Bipartisan Restoring Faith in Government Act is not just about banning an unethical practice; it is about restoring the fundamental integrity of our democratic institutions. A bipartisan coalition of this magnitude sends a clear message to the American people: We hear you and are committed to ensuring that no member of Congress exploits their position for personal gain. For too long, stock trading has chipped away at the trust the American people place in their government. This legislation sets a new standard-one that restores the integrity of our democratic institutions. I thank Representatives Ocasio-Cortez, Mills, and Krishnamoorthi for their partnership, and call on the rest of my colleagues in joining us in showing that the government is, and always will be, of the people, by the people, and for the people."

"It's simple-when members have access to sensitive information, they should not be trading in the stock market on it. It blatantly erodes the public's trust in government," Rep. Ocasio-Cortez said. "The information we have access to as members of Congress should solely be used to serve the American people, not ourselves."

"Members of Congress should not trade stocks, plain and simple. There have been far too many instances where elected officials have profited millions through practices that would land any regular American in prison for insider trading. This blatant double standard erodes trust in our government and must come to an end," Rep. Mills said. "I am proud to work alongside my colleagues on the Bipartisan Restoring Faith in Government Act, which will ban stock trading for Members of Congress, their spouses, and dependents, a bipartisan commitment to restore transparency and integrity. Elected officials are entrusted to serve the American people, not to line their own pockets. This bill is a necessary step to guarantee that we prioritize the interests of our constituencies, not members' personal stock portfolios."

"Every day, Members of Congress cast votes that shape the stock market. When public servants own and trade stocks in companies they regulate, it creates a breeding ground for corruption and abuse. The American people deserve a Congress focused on their needs-not lawmakers' own financial portfolios," Emma Lydon, Managing Director of P Street, said. "This bill is the result of years of collaboration between Members of Congress, advocates, journalists, and citizens sharing their voices. The House must act swiftly to pass this bipartisan, widely supported and common-sense legislation."

"When members of Congress own and trade stock in companies, they regulate they undermine the democracy that they were elected to serve. It is Congress's duty to rebuild the trust that it has lost by banning members of Congress, their spouses, and their dependent children from owning or trading stocks. And that is precisely what the Bipartisan Restoring Faith in Government Act does," Debra Perlin, Policy Director at Citizens for Responsibility and Ethics in Washington (CREW), said. "The Bipartisan Restoring Faith in Government Act's complete prohibition on Congressional stock ownership demonstrates that in our democracy the public's needs, rather than members' stock portfolios, come first. CREW commends Rep. Fitzpatrick for his work on this issue and strongly encourages Congress to pass stock ban legislation as quickly as possible."

Reps. Krishnamoorthi, Fitzpatrick, and Ocasio-Cortez first introduced this legislation in 2023. The full text is available here.