A bipartisan group of House lawmakers unveiled legislation Wednesday that would ban stock trading by members of Congress and their close family members after years of unsuccessful attempts to put such restrictions into place.
“We have reached a tipping point where pressure outside the building is becoming too much for leadership to deny,” Rep. Seth Magaziner (D-R.I.) said during a news conference at the Capitol on Wednesday. “I cannot even describe when this issue comes up at town halls and events across the country, people go nuts.”
The “Restore Trust in Congress Act,” which is being backed by some of the most conservative members of the House and some of its most liberal, combines several past proposals that have attempted to stop members of Congress from trading stocks.
Rep. Chip Roy (R-Texas) said the bill’s 16 cosponsors took the “best elements” of previous proposals to craft the latest iteration.
“We’re united and it has the best elements of each of the bills,” he said. “It is time for Congress to act.”
