Washington DC – U.S. Representative Joe Neguse, a Democrat from Colorado, has joined a growing movement in Congress calling for a ban on stock trading by members of Congress, aimed at addressing concerns over insider trading and abuse of public office for personal financial gain.
Neguse, who represents Colorado’s 2nd Congressional District, is one of the co-sponsors Restore Confidence in Congress ActIntroduced by Republican Representative Tim Burchett of Tennessee. This bipartisan bill seeks to strengthen existing laws and would prevent members of Congress, their spouses and dependent children from owning or trading stocks. This law has been created to remove the shortcomings in the existing rules and restore public confidence in Congress.
What’s at stake: The need for stronger sanctions
Supporters of the bill believe that additional action is necessary beyond the existing Stop Doing Business on Congressional Knowledge Act (Stock Act) 2012. The STOCK Act already prohibits members of Congress, executive branch officials, and federal employees from using non-public information obtained through their positions for personal financial gain. It also mandates disclosure of stock trades of more than $1,000 within 30 to 45 days.
However, critics argue that the STOCK Act does not do enough to prevent conflicts of interest. Dan Savickas, vice president of policy and government affairs at the Taxpayers Protection Alliance, told a recent House Administration Committee hearing that members of both political parties have, on average, outperformed the market. This has raised concerns over the ethical implications of stock trading by members of Congress while in office.
Bipartisan effort to force voting
After months of inaction on the bill, Republican Representative Anna Paulina Luna of Florida introduced a discharge petition in late November, forcing a vote on the bill. This tactic allows lawmakers to force a vote on a bill that has not yet been determined by House leadership. Neguse signed the petition along with 27 Democrats and 15 Republicans who are advocating for the bill to be brought to the House floor. 218 signatures are required to cast a vote on the discharge petition.
While Speaker of the House Mike Johnson has expressed concerns about the bill, citing that some members of Congress may need additional income to support their families, many supporters of the bill argue that lawmakers should not be allowed to benefit financially from their positions.
Neguse, a strong supporter of the bill, has stressed the importance of addressing the issue quickly. “For four years, I have led the effort to ban stock trading by members of Congress, including colleagues on both sides of the aisle,” Neguse said. “As elected officials, we must be responsible to serve our communities, our constituents and our country – not our personal interests and certainly not our stock portfolio.”
Public and social media reactions
The effort to ban stock trading has received widespread support in both parties, with many citizens and watchdog organizations supporting the effort. It has seen a massive wave of support for it on social media platforms Restore Confidence in Congress ActCitizens hailed the move as a necessary step to restore trust in government and hold elected officials accountable.
Some Republican and Democratic lawmakers, including Representative Marjorie Taylor Greene, have expressed differing views on the issue, with Greene suggesting that this is not just a matter of stock trading, but also about the broader topic of congressional transparency and ethics.
what happens next?
Despite growing support for the bill, Speaker Mike Johnson has not yet scheduled a vote on the legislation, citing concerns over its impact on the operations of Congress. However, the introduction of the discharge petition indicates that pressure to act on this issue is increasing. As pressure on the bill intensifies, advocates like Neguse have been calling for an immediate vote in Congress to ban stock trading, insisting that the matter should not be delayed any further.
Neguse’s efforts are part of a broader legislative agenda end corruption now The initiative, which includes other bills designed to prevent elected officials and government employees from leveraging their positions for personal gain. As the debate over congressional ethics continues, it remains to be seen whether this bipartisan effort will lead to meaningful change in the way lawmakers approach financial transparency.
This story may be updated with more information as it becomes available.
