(USNewsMag.com) – Members of the Freedom Caucus, the Bipartisan Problem Solvers Caucus and the Progressive Caucus have teamed up to introduce legislation. House members introduced a bill, the Bipartisan Restoring Faith in Government Act, May 2 that prevents lawmakers from trading as well as owning individual stocks. The bipartisan bill would prevent members of Congress from the appearance of profiting from insider trading.
The bill is sponsored by Republicans, Rep. Brian Fitzpatrick and Rep. Matt Gaetz and Democrats, Rep. Raja Krishnamoorthi and Rep. Alexandria Ocasio-Cortez.
The bill prohibits Congress members’ spouses and dependents from trading as well as owning individual stocks. A “qualified blind trust” or divesting would be required for Congress members and family members who currently own individual stocks.
Congress members would have 90 days to divest their stock holdings, according to the bill. House ethics officials would be required to give prior approval to any blind trust, according to the bill.
Contributions to the government’s retirement plan would be allowed. Congress members and their family members would not be prohibited from investing in Treasury bonds or widely held investment funds.
In a statement, Fitzpatrick said the three groups finding common ground should show how important the issue is and show how to move forward united.
In a statement, Ocasio-Cortez said Congress members shouldn’t be trading if they have access to classified information.
In 2012, the STOCK Act went into effect, which allows members of Congress to buy as well as sell stocks, as long as they disclose the transactions and provided they don’t use inside information to conduct the trades.
Many Congress members have significant holdings and the legislation is expected to encounter opposition, with previous attempts stalling. The proposed legislation is the latest in a string of legislation targeting the issue that has been introduced over the last
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