Ocasio-Cortez, Fitzpatrick, Mills, & Krishnamoorthi Launch Bipartisan Effort to Restore Faith in Government

Washington, D.C. - Today, Representatives Alexandria Ocasio-Cortez (NY-14), along with Representative Brian Fitzpatrick (PA-1), Cory Mills (FL-7), and Raja Krishnamoorthi (IL-8), united to introduce the Bipartisan Restoring Faith in Government Act-legislation that will prohibit members of Congress, their spouses, and dependents from owning or trading individual stocks.

This bipartisan initiative marks a decisive step toward restoring the American public's trust in their elected leaders by eliminating conflicts of interest and reaffirming a commitment to integrity and transparency in public service.
"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. The information we have access to as members of Congress should solely be used to serve the American people, not ourselves," said Rep. Ocasio-Cortez (NY-14).

"The American people deserve leaders who are accountable, transparent, and wholly committed to serving their communities and country-not their stock portfolios," said Rep Fitzpatrick (PA-1)."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."

Fitzpatrick continued,"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.

"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," said Rep. Mills (FL-7)."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."

"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. 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," said Rep. Krishnamoorthi (IL-8).

"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," said Emma Lydon, Managing Director of P Street."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 Actdoes," said Debra Perlin, Policy Director at Citizens for Responsibility and Ethics in Washington (CREW)."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."

The Case for Action

Despite the STOCK Act of 2012's intent to prevent insider trading in Congress, abuses persist:

• 1 in 7 members of Congressviolated the STOCK Act.
• 97 memberstraded stocks tied to industries their committees oversee between 2019 and 2021.
• In 2022, members of Congress outperformed the S&P 500 by an alarming 17.5%.

Public Demand for Change

Americans across the political spectrum overwhelmingly support reform:

• 86% of Americansfavor banning stock trading by members of Congress and their families, including:
  • 87% of Republicans
  • 88% of Democrats
  • 81% of Independents

These statistics reflect an undeniable public mandate for accountability and transparency.

Read the full text of the bill here.

Background:

Ocasio-Cortez, Fitzpatrick, and Krishnamoorthi first joined together to introduce this legislation in 2023.