Rep. McDonald Rivet Leads Bipartisan Effort to Stop Insider Trading by Public Officials

WASHINGTON- Today, Congresswoman Kristen McDonald Rivet (MI-08), Congressman Kevin Kiley (CA-03), Congressman Greg Landsman (OH-01), and Congressman Eugene Vindman (VA-07) introduced the bipartisan No Profiting from Public Service Act. This bill would ensure public officials cannot abuse their public offices for profit by banning politicians, Supreme Court Justices, and other federal officials from trading stocks and using prediction markets to wager on government and politics.

"People are sick and tired of seeing insiders get rich while they get left behind. It's time for some honest-to-God accountability," said Congresswoman McDonald Rivet. "It's simple: no elected official or public servant should be trading on the information they get from their jobs. Let's close the loopholes, and then go get things done for hard-working families."

"This bipartisan legislation seeks to root out anti-corruption, including insider trading and self-enrichment," said Congressman Kiley. "It's time that elected, appointed, and other senior officials across all three branches of government are held accountable. This bill prohibits officials from profiting off of their public offices through stock trading and prediction markets."

"Americans see a system that's broken, and we're determined to be part of the generation that fixes it," said Congressman Landsman. "Congress' focus is and should always be on the needs of hardworking families. Getting members of Congress out of the stock-trading business and free from outside influence is a big part of the solution."

"Americans don't think Congress is looking out for them - and who can blame them. Too many people believe Washington is rigged for insiders. I'm fighting back by working to ban public officials from trading stocks and using prediction markets," said Congressman Vindman. "The No Profiting from Public Service Act closes loopholes, strengthens accountability, and ensures that those entrusted with public service cannot use their positions to enrich themselves. This is the type of commonsense reform that will help restore trust in Congress and ensure leaders are making decisions based on the public interest - not personal financial gain"

The No Profiting from Public Service Act would enact and enforce the following policies:

• Stock trading ban: Public officials would be barred from owning or trading stocks, commodities, futures, derivatives, and other related securities. This would apply to Members of Congress, the President and Vice President, Supreme Court Justices, Senate-confirmed political appointees, and the spouses and dependent children of these officials.
• Prediction market ban: Public officials would be banned from participating in prediction market contracts related to government and politics. This would apply to the same individuals covered by the stock trading ban, as well as candidates for federal office, federal judicial officers and staff, senior staff in Congress, political appointees, and senior staff in the Executive Branch.

The legislation has been endorsed by End Citizens United and Defend the Vote.

"Public service is a privilege, not a pathway to personal profit," said End Citizens United Action Fund President Tiffany Muller. "Americans are tired of watching politicians and powerful insiders play by a different set of rules while using their positions to get rich. The No Profiting from Public Service Act takes the most comprehensive approach yet to close loopholes by stopping people in power from cashing in on stock trading and political betting. No one should be able to profit from information, influence, and access that comes with serving in government. We are grateful to Congresswoman Kirsten McDonald Rivet for introducing this critical legislation and for her continued leadership in strengthening ethics and accountability."

"The cost of corruption is real. When public officials put their own financial interests ahead of the people they serve, working families pay the price," said Defend The Vote Action Fund Executive Director Brian Lemek. "Defend The Vote Action Fund applauds this important effort to take on corruption and strengthen accountability in our government."