House Administration Committee Should Advance Consensus Bill Banning Congressional Stock Trading
WASHINGTON, D.C. – The U.S. House Administration Committee is expected to hold a hearing on legislation to rein in stock trading by members of Congress on Wednesday at 10 a.m. ET. There are several different bills on the issue, but one in particular – “Restoring Trust in Congress Act” (H.R. 5106) – has emerged as the bipartisan consensus bill with 89 cosponsors so far and the support of President Donald Trump. The Senate has its own version waiting to be called up for floor action. Craig Holman, Ph.D., government affairs lobbyist for Public Citizen, issued the following statement:
“The House Administration Committee’s hearing on stock trading by members of Congress and their spouses is a positive step, but a strong bipartisan consensus bill to address the problem has already been written and introduced: the Restoring Trust in Congress Act (H.R. 5106).
“Members from both parties worked for months in drafting this strong consensus bill that addresses all the key elements of an effective ban on congressional stock trading, applying the ban not only to members of Congress but to their spouses and dependent children as well. The bill covers a wide range of investments, including cryptocurrency, and is fortified with strong enforcement measures.
“The House Administration Committee should begin where dozens of their colleagues have already left off, by advancing the consensus bill to a floor vote in the House where it very likely will be adopted by a large margin.”