A new bill has been introduced by an unlikely duo, Alexandria Ocasio-Cortez and Matt Gaetz, which aims to ban members of Congress from owning and trading stocks to prevent insider trading scandals.
The bill which bans lawmakers from trading stock, is called the Bipartisan Restoring Faith in Government Act, and is sponsored by both Democrats and Republicans, introduced by AOC, Gaetz, Brian Fitzpatrick, and Raja Krishnamoorthi.
The proposed legislation would require them to place their stocks into blind trusts, which an independent trustee would then manage.
The bill includes a provision preventing lawmakers from serving on public company boards.
“The fact that members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America,” Fitzpatrick said in a statement.
“We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information. This is basic common sense and basic Integrity 101.”
Ocasio-Cortez said the “ability to individually trade stock erodes the public’s trust in government.”
“When members have access to classified information, we should not be trading in the stock market on it. It’s really that simple,” AOC added.
One example of insider trading rampant in Congress was that of former House Speaker Nancy Pelosi, who sold a bucket load of her Google stock weeks before an antitrust lawsuit was filed against Google.
As The Daily Fetched reported at the time, Pelosi’s disclosure form revealed she sold 10,000 shares of her Google stock on Dec. 20. Dec. 21, and Dec. 28
The disclosure form gave a range of valuations, each in the range of $500,001 and $1 million, meaning Pelosi may have dumped $1.5 million and up to $3 million worth of stocks.
Nancy Pelosi and her husband’s shady trading activities are nothing new.
Pelosi’s trading prompted one Twitter user to point out, “Anyone else would be in jail.”
Republican Sen. Josh Hawley of Missouri tweeted, “People have asked why I named my stock trade ban the PELOSI Act. Now you know,” after he re-introduced his bill to ban members of Congress from dabbling in stock.
READ: Tulsi Gabbard Calls Out Pelosi’s Insider Trading: They ‘Can’t Pretend Anymore’
