Menendez Cosponsors Legislation Banning Members of Congress, Presidents, and Vice Presidents From Owning and Trading Stocks

WASHINGTON, D.C. - Congressman Rob Menendez has cosponsored H.R. 6731, the Restore Trust in Government Act, led by Congressmembers Pramila Jayapal (WA-07) and Seth Magaziner (RI-02). The legislation would prohibit presidents, vice presidents, Members of Congress, and their dependent children, spouses, and trustees from owning and trading individual stocks.

"Since joining Congress, we have worked tirelessly to ensure that government works for the people we have the privilege of representing," said Congressman Menendez. "Banning stock trading and ownership of stocks by elected officials is a commonsense approach to eliminating potential conflicts of interest and ensuring that we are acting in the best interests of our constituents. I am proud to support this legislation and will continue to seek other opportunities to improve this institution and trust in our government."

An overwhelming majority of Americans, including both Democrats and Republicans, support banning stock trading by Members of Congress. The Restore Trust in Government Act would:

• Prohibit presidents, vice presidents, Members of Congress, their dependent children, spouses, and trustees from owning, buying, or selling individual stocks, securities, commodities, or futures.
• Require Members to divest from all assets covered under the bill - including stocks, securities, commodities, options, qualified blind trusts, and other financial interests - within 180 days of the Act's enactment into law.

Congressman Menendez previously cosponsored earlier legislation to ban stocktrading in Congress, including the Restore Trust in Congress Act and the TRUST in Congress Act.

To read the bill text, please click here.

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