[Pages H2038-H2043]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1830
               STOCK TRADING BAN FOR MEMBERS OF CONGRESS

  (Under the Speaker's announced policy of January 3, 2025, Mr. 
Magaziner of Rhode Island was recognized for 60 minutes as the designee 
of the minority leader. )
  Mr. MAGAZINER. Mr. Speaker, I am joined tonight by a bipartisan group 
of Members who have come together to take to the floor tonight to call 
for Members of Congress to be banned from trading stocks.
  This is a reform that is long overdue. When people elect us to 
office, they should be able to trust that their Members of Congress are 
acting in the best interests of the country, not the best interests of 
their own personal finances. When Members of Congress are

[[Page H2039]]

able to trade off of our position, it damages the integrity of this 
institution and of our entire democracy.
  As Members of Congress, we have access to all sorts of information 
that the average member of the public does not: what might be put into 
a bill or taken out of a bill, or what might be put into a budget or 
taken out of a budget. This is material information, and Members of 
Congress should not have the advantage of that insider information and 
use that advantage to engage in stock trading.
  Also, Members of Congress should not be conflicted when we have to 
decide about what to vote for or against. Members of Congress should 
not be in a position of thinking about what the impact on their stock 
portfolio may be. We should be making decisions based just on what is 
best for the American people.
  The American people recognize that this is a reform that is long 
overdue. Poll after poll has shown upwards of 90 percent of the 
American people supporting a ban on Members trading stocks.
  This is an issue that has been around for a while. Yet, in just the 
last few weeks, we have achieved significant momentum. In the last 3 
weeks, Minority Leader Hakeem Jeffries, the Democratic leader in the 
House; President Trump; and today, the Speaker of the House,   Mike 
Johnson, have all come out in favor of this reform. That is real 
momentum that we should carry forward to the finish line.
  Mr. Speaker, the Democratic leader is for it. The Republican leader 
is for it. The President of the United States is for it. Let's get it 
done.
  I am joined tonight by a number of Members who represent, I think, 
the full ideological diversity of the House of Representatives--both 
sides, liberal, conservative, moderate, people who understand that the 
American people expect better of this body.
  Mr. Speaker, I am going to yield to some of my partners in this 
effort, Members who have had the courage to stand up and say that we 
need to enact this reform and ban Members of Congress from trading 
stocks once and for all.
  I am going to start by recognizing a Member from the Republican side 
who I have had several great conversations with on this issue. He has 
introduced a bill that would put a congressional stock trading ban into 
effect.
  Mr. Speaker, I yield to the gentleman from Tennessee (Mr. Burchett).
  Mr. BURCHETT. Mr. Speaker, I thank the gentleman for yielding to me. 
I thank him for taking this bull by the horns.
  Mr. Speaker, as I have heard some of the good ol' boys say: It is 
cold in here. Maybe we need to start cutting some hogs.
  If you know what that means, you know what that means.
  Mr. Speaker, I rise to address this body on the issue of stock 
trading by Members of Congress. We are public servants and stewards of 
our community. Why does Congress think we are above the law?
  For years, Members of Congress have gotten rich on the backs of 
hardworking Americans' taxpayer money. Members sit on committees and go 
to private briefings where they get privileged information from 
companies informing us if the stock price will skyrocket or plunge.
  We appropriate money to different economic sectors that may benefit 
our own portfolios, and who gets the short end of the stick? 
Hardworking, red-blooded Americans.
  That is why I introduced the End Congressional Stock Trading Act to 
level the playing field and restore public trust in Congress. Every 
time I go back to east Tennessee, I get asked by my constituents: Tim, 
why hasn't Congress done anything to stop this?
  My answer is simple. It says in my notes that Congress doesn't have 
the stomach--but the reality is we don't have the guts, Mr. Speaker--to 
sacrifice their own bottom line for the good of the country. I hope I 
am surprised, and I hope that Congress takes action. I doubt we will, 
seriously.
  Mr. Speaker, we are public servants. We serve the people who we 
represent. We aren't elected to come up to Washington and get rich 
while our constituents oftentimes struggle to make ends meet.
  I am here to serve the least amongst us and try my dadgum hardest to 
make the lives of east Tennesseans better, Mr. Speaker. I don't sell 
stocks. I have a mutual fund. I talked to my broker today, Tommy Siler, 
and I am proud to say that I have recovered from any losses, and I am 
almost at $11,000 with my mutual fund. Mainly, I trade baseball cards 
and comic books on eBay, and that is currently my portfolio.
  President Trump said that if my colleagues pass the bill banning 
stock trading for Members of Congress, he would sign it. Let's see if 
we have the guts to stand up and do what is right.
  When I was mayor of Knox County, there were things that would come 
before me. I would bring in my attorney. I would bring my buddy, Mike 
Jones, and I would bring in my dear friend Colonel Julian, who has 
since passed, Mike would tell me if it was legal or if it was illegal.
  He would say: Well, boss, it is legal.
  I would look at Colonel Julian, and Colonel Julian would tell me if 
it was ethical or not.
  Mr. Speaker, this may be legal, but dadgummit, it is surely not 
ethical. We know what is right. We need to do what is right.

  Mr. Speaker, I thank the sponsor. It has been a pleasure working with 
the gentleman, who has been straight up, and I dig that.
  Mr. MAGAZINER. Mr. Speaker, I appreciate the gentleman.
  Mr. Speaker, I now recognize the gentleman from California (Mr. 
Levin), who has been an outspoken champion for this reform for many 
years.
  Mr. LEVIN. Mr. Speaker, when I first started running for Congress a 
number of years ago, my wife and I sold all of our individual stocks, 
and I made a commitment that if I were elected, I wouldn't trade 
individual stocks while in office because being a Representative isn't 
just a title; it is a responsibility that we all have, and that 
responsibility is to serve the people and not our own financial 
interests.
  Let's face it: Too many Americans have lost faith in government. They 
wonder whether their elected officials are truly working for them. We 
can't allow that doubt to grow. We have the power to help fix it.
  That is why I have long supported legislation to ban Members of 
Congress from trading individual stocks, and I am encouraged that we 
are working together in a bipartisan way to get this done.
  Mr. Speaker, I thank Representative Magaziner, Representative Roy, 
and others who have been working together for some time on this. We 
have a lot of momentum. Today, as was said, Speaker Johnson said that 
he supports a stock trading ban. Leader Jeffries supports a stock 
trading ban. President Trump has said that he would sign a stock 
trading ban into the law.
  Again, this is not a partisan issue. Poll after poll shows 
overwhelming support. Approximately 80 percent of Americans want 
Congress to pass a ban on Members stock trading. They want to know that 
their Representatives are here to serve the public, not to profit from 
their positions.
  Recent events have only made this more urgent. Last month, markets 
moved sharply after the reversal of tariffs that had been threatened. 
Just hours before that announcement, there were posts on social media. 
I don't need to recount all of that now, and we don't know exactly who 
had advance notice of that decision or whether anybody acted on it, but 
that is exactly the problem.
  Americans should never ever have to wonder if public officials are 
using any sort of inside knowledge to enrich themselves. That is why we 
need to act now. We need a law that says, clearly and without 
exception, if you serve in Congress, you cannot trade individual 
stocks. No more gray areas. No more questions; just clear rules that 
restore trust and put the public interest first. We have the support. 
We have the momentum, and we have a responsibility to get this done.
  Speaker Johnson, please work with us. Allow a vote on a stock trading 
ban. Let's begin the long process to restore confidence in this body. 
The time to act is now.
  Mr. MAGAZINER. Mr. Speaker, the stock trading bill that I am leading 
was originally introduced by Abigail Spanberger, the Representative 
from Virginia. I know if she is watching, she is smiling to see all of 
us coming together and to see the progress that has

[[Page H2040]]

been made in the last few weeks in building support on this issue.
  I give her a lot of credit for getting the ball rolling along with 
the next gentleman who I am going to introduce, who has been a 
fantastic partner and co-lead on the TRUST in Congress Act. I know that 
we are going to get this done, in large part due to his leadership.
  Mr. Speaker, I yield to the gentleman from Texas (Mr. Roy).
  Mr. ROY. Mr. Speaker, I thank the gentleman for yielding.
  Mr. Magaziner has been an excellent partner in this effort, and it is 
now long overdue.
  I am glad he mentioned my friend, Abigail Spanberger. Both of us went 
to the University of Virginia. That is part of the reason why we 
conspired together on this bill, when we were talking about how 
ridiculous it was that, on both sides of the aisle, there were blatant 
abuses of this trust that the American people put in the people who 
represent them not to violate that trust by trading securities for-
profit on the very issues they are supposed to be voting on objectively 
to benefit the United States of America. Yet, that is precisely what 
has happened.
  Mr. Speaker, this is now the fourth Congress in a row that I have 
introduced the TRUST in Congress Act, now with Mr. Magaziner, and I 
think it is long overdue.
  In the 119th Congress, we have 12 Republican cosponsors and 60 
Democratic cosponsors. I say to my Republican colleagues: Get with the 
program because 12 is not enough. We need to get everybody on board 
here.
  I am glad the Speaker has said that he would support it. I am glad 
the President of the United States, President Trump, has said that he 
would sign it. Yet, we have to be realistic about what we are talking 
about.
  We vote every day on massive issues. We vote about healthcare 
policies involving pharmaceutical companies that make billions of 
dollars, massive insurance companies, and massive hospital 
corporations. We vote on intellectual property issues in the Committee 
on the Judiciary. We vote on antitrust issues. We vote on all manners 
of issues, including Defense Department policies, that involve hundreds 
of billions of dollars in the capital markets. Yet, Members are voting 
on that while trading stocks on a daily basis.
  Capitol Trades reports that 113 Members of Congress made 9,261 trades 
in 2024 involving 706 million shares or other assets. We had a Democrat 
who made 4,000 trades for a 20 percent return. We had a Republican who 
made almost 2,000 trades for a 23 percent return; a Democrat, 575 
trades, a 22 percent return.
  I could keep going down the list.
  We had Members of Congress in 2024: a Republican with a 149 percent 
return; a Democrat with a 142 percent return; a Democrat with a 124 
percent return; a Republican with a 111 percent return; a Democrat with 
a 105 percent return.
  I could keep going down. There is a lot of Americans who would like 
to have returns along those lines. In fact, there are now funds out 
there that follow and trade along with the congressional Members of 
Congress to see what they are trading. That is ridiculous.

  You should come to Congress. You should take your assets and move 
them into widely held index funds. It should be able to be done on a 
tax basis. Come in here. Clean the decks. Go represent your 
constituents. It is long past due. Let's move the bill. Let's get it to 
the floor. Mr. Speaker, bring it to a vote, and let's put trust back in 
Congress.
  Mr. MAGAZINER. Mr. Speaker, I thank the gentleman for being a great 
partner on this and a great leader on this issue for many years.
  Mr. Speaker, I yield to the gentleman from New York (Mr. Nadler), a 
great champion for justice.
  Mr. NADLER. Mr. Speaker, the American people expect and deserve to 
know that their elected officials are working for them, not lining 
their own pockets.
  When Members of Congress trade individual stocks while in office, it 
fuels distrust, undermines public confidence, and casts a shadow over 
the work of this institution. Even the perception of impropriety 
weakens the bond between the government and the governed.
  Members of Congress have unparalleled access to market-moving 
information and the ability to shape laws and regulations that can 
impact entire industries. That power must never be used to enrich 
ourselves or our families.
  There is simply no legitimate reason for Members of Congress, their 
spouses, or their dependent children to be trading individual stocks, 
period. This bipartisan legislation would close that dangerous loophole 
once and for all. It would require lawmakers to place certain 
investments into qualified blind trusts, prevent conflicts of interest, 
and restore accountability where it is so desperately needed.
  Mr. Speaker, I am proud to cosponsor the TRUST in Congress Act, and I 
thank Representatives Magaziner and Roy for their leadership on this 
critical bipartisan legislation. It is a long overdue, commonsense step 
toward restoring integrity in public service and rebuilding the trust 
of the American people.
  Mr. Speaker, I urge my colleagues in both Chambers to join us in 
passing this essential reform.
  Mr. MAGAZINER. Mr. Speaker, I now recognize someone who is new to 
Congress but who I know is passionate about this issue and I believe 
campaigned on it, the gentleman from Pennsylvania (Mr. Bresnahan).

                              {time}  1845

  Mr. BRESNAHAN. Mr. Speaker, I rise today in strong support of the 
effort to ban congressional stock trading because public service must 
never be compromised by private financial interest. The American people 
deserve to know that we are acting on their behalf, not for our own 
portfolios.
  That is why I have already begun placing all of my assets into a 
blind trust, to align my conduct with the principles behind this 
important reform.
  Mr. Speaker, I thank Representatives Roy and Magaziner for their 
bipartisan leadership on this issue. Their work demonstrates the kind 
of accountability and integrity that Congress needs more of. Their 
efforts are a critical step forward toward rebuilding trust in our 
institutions, and I look forward to working with them to codify this 
into law.
  Mr. MAGAZINER. Mr. Speaker, I yield to the gentlewoman from New 
Mexico (Ms. Stansbury), a good friend and a leader on the Oversight 
Committee who I know is committed to strong ethics reform.
  Ms. STANSBURY. Mr. Speaker, let me begin with a simple fact: No 
Member of Congress should be trading stocks. Period. None.
  That is why I believe we must ban congressional stock trading and why 
I am proud to cosponsor this act here in Congress.
  The American people deserve to know that their Members of Congress 
are working for them, not for stock portfolios; that their decisions, 
their policies, and their priorities are in the public interest and not 
the interest of private profit.
  Let's be real, we have all seen it here, even over the last several 
weeks, as Members of this body have traded stocks while working on 
policies currently before Congress, possible insider trading in the 
midst of the President's trade wars. A President and a Speaker who both 
declared, it is a good time to buy while Members went out and did it: 
oil and gas, pharmaceuticals, Big Tech, and yes, AI.
  Let me be clear: Not only is it wrong and immoral, it must be made 
illegal. We will be investigating anyone who engaged in insider 
trading, but banning stocks is only one piece of restoring faith in our 
public institutions, especially in a time when billionaires are buying 
elections, and Cabinet positions, and setting themselves up for 
sweetheart deals.
  Let me also say this: We must get big money out of politics and get 
it out now. We have to end Citizens United, restore the power of the 
people, end gerrymandering, strengthen our ethics rules, and restore 
access to the ballot box. That means passing our For The People Act 
that was blocked multiple times in this Chamber, passing the John R. 
Lewis Voting Rights Advancement Act, restore the Voting Rights Act of 
1965, and passing the Freedom to Vote Act.
  This is not a partisan issue; this is an American issue about 
protecting our democracy, protecting our people, protecting our 
communities, and protecting our planet.

[[Page H2041]]

  Mr. Speaker, let's do the right thing. Let's ban stock trading and 
restore our faith in American democracy.
  Mr. MAGAZINER. Mr. Speaker, I will take a second to thank all of my 
colleagues on both sides who came out tonight. This is a busy week in 
Congress. We have got reconciliation markups going on. Peoples' 
schedules are busy, but the fact that we have so many Members from both 
sides of the aisle who have the courage to stand up and say something 
that may not be popular with everyone in this Chamber and have also 
made it enough of a priority to come tonight is a great credit to each 
of them. I thank them for their leadership.
  Mr. Speaker, I yield now to the gentleman from Florida (Mr. Mills), 
who I know has also been a champion of this issue for some time now.
  Mr. MILLS. Mr. Speaker, I don't need a written speech or a prepared 
document to say how common sense this is.
  For far too long, people have basically turned politics into a career 
which was never its intent. It was meant to serve we the people. There 
is something that is mutually exclusive: You cannot serve yourself and 
personal enrichment and serve the public at the same time.
  We know for a fact that even within the National Defense 
Authorization Act that you can get language put in, provided to you by 
companies that allow for certain amounts of money to be sole sourced or 
in some ways appropriated to defense companies that they can then turn 
around and invest in.
  How is that not insider trading when it is public knowledge on what 
is out there, but not public knowledge on what is being put into the 
NDAA during the markups?
  Insider trading must stop. I can tell you that banning stock trading 
for Members of Congress and their spouses should not be something that 
is in question.
  We must rebuild the actual image of Congress. We must rebuild the 
image of the Federal Government, where we are actually here to truly 
serve the people. I think this is a paramount step in us making sure, 
with friends and colleagues like Representative Magaziner, we are able 
to move forward and rebuild the trust, the hope, and rebuild this 
institution to be what it once was.
  Our Founding Fathers, many of them in the private sector, were very 
successful businessmen. They served in an effort to try and get back to 
their businesses because they actually made more money there, but it 
has changed where people are making more money while in Congress while 
stock trading than they can in the private sector.
  The same way that a plan B for failed male athletes shouldn't be 
women's sports, a plan B for failed entrepreneurs shouldn't be Congress 
and stock trading.
  Mr. Speaker, I support this bill, and I ask everyone to move forward 
in guaranteeing that we rebuild the confidence in government and we 
restore what it means to serve we the people.
  Mr. MAGAZINER. Mr. Speaker, I yield now to the gentleman from 
Missouri (Mr. Cleaver), a man I admire very much and a cosponsor of the 
TRUST in Congress Act.
  Mr. CLEAVER. Mr. Speaker, it is pretty clear to me, while it may not 
always come across your television, radio, or cell phone, I believe 
that the overwhelming majority of Members of Congress are good and 
decent people. Whether we agree on everything is not factored in on 
what I just said.
  Unfortunately, as polls continue to indicate, the American people 
don't believe that that is the way it is. Congress right now is about 
as popular as a soiled baby's diaper, and we are pushing it down 
further by failing to hold ourselves accountable.
  It is absolutely ridiculous that Members of Congress can sit in a 
committee hearing room or get some information by just moving around 
this city and then come in here and vote on something that would enrich 
them.
  This is wrong, and one of the reasons that you are not going to find 
anybody else coming in here taking an opposite position is because they 
are ashamed. If they are ashamed that means they know they are wrong. 
If they know they are wrong, they ought to support this legislation or 
tell the public I believe in enriching myself and I am not going to 
support it.
  Now, I represent a place that sometimes is referred to as ``Chiefs 
Kingdom.'' I know some of you are probably offended because we win all 
the time, but in the recent years, we are accustomed to seeing Andy 
Reid, Patrick Mahomes, and Chris Jones lead one of the greatest teams 
in history. They won three championships overall, two in the last 3 
years. They can pass. They can run. They can kick. They can play 
defense, and they are not too shabby at their kicking game.
  But there is one thing they cannot do, one thing that they cannot do 
even as a Super Bowl champ: They cannot bet on football. They cannot 
play football and then bet on who is going to win. They can, but then 
they will get kicked out of the league.
  That makes no sense. They could fall down. They could miss a pass on 
purpose. There are all kinds of things they could do that are wrong.
  Mr. Speaker, I appreciate very much the opportunity to be just a tiny 
voice in what is going on because this is right and not doing it is 
wrong.
  Mr. MAGAZINER. Mr. Speaker, I come from New England where we also 
know something about winning all the time, but we will keep it in 
Missouri for now.
  Mr. Speaker, I yield to the gentleman from Missouri (Mr. Alford).
  Mr. ALFORD. Mr. Speaker, I thank the gentleman from Rhode Island, and 
I am honored to follow my friend from Kansas City, Reverend Emanuel 
Cleaver.
  Mr. Speaker, I agree with him. This is a bipartisan issue. Today, I 
rise to introduce the Preventing Elected Leaders from Owning Securities 
and Investments Act. My bill is complementary to Senator Josh Hawley 
over in the Senate.
  If you travel the Fourth District of the great State of Missouri, 
just south of Reverend Cleaver's district in Kansas City, and you ask 
the average person, Mr. Speaker, if Members of Congress should be able 
to trade individual stocks, they will say no. That is not good for our 
Nation. It is not good for this body. It is not good for rebuilding 
trust in the U.S. House of Representatives or the U.S. Senate.
  The reason we introduced this is because there have been widespread 
reports of suspicious transactions associated with public officials and 
it raises a lot of concerns about what we are doing here in this great 
body.
  If you want to run for the U.S. House of Representatives or you want 
to serve the people, Mr. Speaker, that is fine. If you want to trade 
stocks, then go to Wall Street.
  I am the chair of the Oversight, Investigations, and Regulations 
Subcommittee for the Small Business Committee, I am concerned about 
Main Street. I am concerned about the 772,047 individuals that I 
represent. That is what we should be here about, not trying to get rich 
on trading stocks.
  My bill is bicameral. It is bipartisan. As I said before, it is led 
in the Senate by Senator Josh Hawley. President Trump has announced 
that he will support this legislation to make this law. He will sign it 
into law.
  Today, Speaker Johnson indicated his support for the underlying 
policy and the Members gathered here tonight prove that this is a 
bipartisan mission, to right the ship, to get us back on the right 
track.
  This legislation has workable compliance deadlines. It allows trading 
in broad-based index and mutual funds and requires real enforcement. It 
has teeth with substantial penalties for violations. As public 
servants, we should hold ourselves to a higher standard, Mr. Speaker, 
and avoid the mere appearance of corruption and impropriety.
  Unfortunately, too many Members of Congress are engaging in 
suspicious stock trades based on nonpublic information to enrich 
themselves. These gross violations of the public trust make it clear: 
We must finally take action and take a stand to ban Members and their 
spouses from owning or selling individual stocks.

  It is simple. Public service should never be a pathway to private 
wealth, especially when everyday Americans are struggling. This is 
about rebuilding trust in what we do.
  Congress works for the people, not to enrich our bank account. I am 
proud to join my colleagues tonight on the other side of the aisle. It 
is kind of refreshing to have something that we

[[Page H2042]]

agree on, but we agree that America comes first, our constituents come 
first, and we, as servant leaders, should come last.
  Mr. Speaker, I thank the gentleman for holding this Special Order 
hour.
  Mr. MAGAZINER. Mr. Speaker, I now yield to the gentleman from 
Pennsylvania (Mr. Deluzio).
  Mr. DELUZIO. Mr. Speaker, I appreciate the leadership from the 
gentleman from Rhode Island (Mr. Magaziner) and the gentleman from 
Texas (Mr. Roy) for bringing us together tonight.
  Mr. Speaker, imagine that, Democrats and Republicans in this Chamber, 
in this town, wanting to do something about corruption. That is a good 
thing. I hope the American people are paying attention.
  I will tell you it is clear from conversations with my constituents 
in western Pennsylvania, and I know from people all over this country, 
they think our system is rigged: rigged against hardworking people, 
rigged for giant corporations and the rich and the powerful. That kind 
of corporate power doesn't just happen. It is enabled by pliable 
politicians and by a Supreme Court that opens the floodgates to 
unlimited super-PAC money that corrupts our elections.
  We should fight that. If you want to fight corruption, let's start 
with getting that unlimited corporate money out of our politics.
  You have to have some credibility and this Chamber, this town, this 
Congress, needs more credibility. One way to build that back is to 
start with banning congressional stock trading. I think it is an easy 
place to start. You talk to people in western Pennsylvania, you talk to 
people all over this country who think it is ridiculous that folks in 
power and elected office get rich off the inside and sensitive 
information that we learn in our jobs serving the people, representing 
the people who elect us.
  No one should be using that information to enrich themselves, to get 
rich off of public trust. I am proud to be here in a bipartisan 
fashion, joining with Members of both parties who support this 
commonsense, anticorruption idea.
  Let's ban congressional stock trading. Wherever we see corruption, we 
should be calling it out. We should be fighting it. We should take it 
on. Our democracy turns on public trust and people having some faith in 
their elected Representatives.

                              {time}  1900

  What we are railing against here, Members trading stock based on 
information we learn, that erodes that public trust. Let's be smart. 
Let's come together. Let's call out this corruption for what it is.
  I again commend the gentleman from Rhode Island (Mr. Magaziner) and 
the gentleman from Texas (Mr. Roy) for bringing us together.
  Mr. MAGAZINER. Mr. Speaker, I yield to the gentlewoman from 
California (Mrs. Kim).
  Mrs. KIM. Mr. Speaker, Members of Congress are here to serve their 
constituents and the American people; not themselves. Unfortunately, we 
see this year after year with Members of Congress making lucrative 
stock trades while their constituents struggle to make ends meet.
  We must restore public trust in this body, and that starts with each 
of us in this Chamber. There is no reason why Members of Congress 
should be able to trade stocks while in office, period. American 
taxpayers deserve better.
  That is why I am proud to have helped introduce the TRUST in Congress 
Act. This bipartisan bill would prohibit Members of Congress, in 
addition to their spouses and children, to trade stocks while in 
office.
  This isn't rocket science. This is common sense. Let's just restore 
trust back in Congress.
  Mr. MAGAZINER. Mr. Speaker, I thank Mrs. Kim very much for her 
comments.
  I yield to the gentlewoman from Minnesota (Ms. Omar).
  Ms. OMAR. Mr. Speaker, Members of Congress should not be allowed to 
trade stock. This should be a no-brainer. Members of Congress should 
not be allowed to profit off of their service. When Members are in a 
position of directly benefiting from the manipulation of the stock 
market, and they profit off of their position, it is corruption, plain 
and simple.
  Just last month, numerous Members and Cabinet officials profited off 
of Donald Trump's tariff chaos announcement. This should not be 
acceptable. I know a majority of Americans agree. Nearly 90 percent 
support a ban.
  Every time a Member cashes in, it undermines public trust. That is 
why I have always supported a ban for elected officials and their 
families, because exploiting inside information to enrich yourself 
should never be allowed. It is time we come together to stop this 
corruption and pass an immediate stock trading ban.
  Mr. MAGAZINER. Mr. Speaker, I thank the gentlewoman from Minnesota 
for her remarks. I now yield to the gentlewoman from Arizona (Ms. 
Ansari), a new Member who has come in and has already been making a 
mark. I know she is here with the intent of being a reformer, which is 
what we need in Congress.
  Ms. ANSARI. Mr. Speaker, I rise today in support of long-overdue 
legislative measures to prevent Members of Congress from trading stock.
  The original STOCK Act passed in 2012 bars a Member of Congress, the 
President, Vice President, and high-level staff from engaging in 
insider trading or otherwise using nonpublic information for their own 
benefit. The bill also included important updates to financial 
transparency by requiring these high-ranking government officials to 
quickly disclose financial transactions to the public.
  In fact, it is because of this bill's provision that we know that 
Members of both parties are still consistently able to use nonpublic 
information to benefit their own stock portfolios.
  Incidents like these break our trust with the American people, with 
our constituents. That is why I am so proud to cosponsor Congressman 
Magaziner's TRUST in Congress Act. This bill would require Members of 
Congress and their immediate family members to divest from individual 
stock holdings or place them into a qualified blind trust during their 
entire tenure in Congress.
  In practice, it would ban Members of Congress from trading stocks. 
This is just common sense. Members of Congress should be prohibited 
from using nonpublic information for our own benefit.
  Polling has shown that nearly 86 percent of Americans support barring 
Members of Congress from trading stock, so this should be easy and it 
should be bipartisan. The TRUST in Congress Act and bills like it would 
prevent corruption and restore trust in Congress.
  Before I was sworn in to Federal office, I made a personal effort to 
sell stocks that I had and to ensure that my financial future would not 
and could not be dependent on information that I might become privy to 
as a Member of the House of Representatives.
  It is about more than following a set of rules. It is about acting 
ethically and respecting the power of the offices we hold.
  In a time where the President of the United States is expected to 
accept a plane worth hundreds of millions of dollars from a foreign 
nation, respecting a moral code and setting a strong example could not 
be more important. I am heartened to see my colleagues on both sides of 
the aisle standing in support of this issue.
  Mr. MAGAZINER. Mr. Speaker, I thank Ms. Ansari for her thoughts on 
this matter. Before I yield to the next Member, let me just preface 
this by saying, again, we have had a big couple of weeks in this fight 
to ban Members of Congress from trading stocks.
  Not only rank-and-file Members, but leaders have been coming out in 
favor of this commonsense reform: Democratic Leader Hakeem Jeffries, 
today Speaker Johnson, and President Trump.
  I yield to the gentleman from Colorado (Mr. Neguse), a leader who has 
been out in front on this issue for a long time. Our Assistant 
Democratic Leader is a longtime cosponsor of the legislation that I 
have reintroduced to ban Members of Congress from trading stocks.
  Mr. NEGUSE. Mr. Speaker, first and foremost let me thank my 
distinguished colleague from Rhode Island, whose clarion call on this 
issue, his demand to an end of corruption, an end

[[Page H2043]]

to this outrageous practice of stock trading by Members of Congress, 
has inspired many of his colleagues who have joined the coalition that 
he is building in real time. I couldn't be more grateful to 
Representative Magaziner for his leadership and for championing this 
issue at such a critical time. I am grateful to be a partner with him 
in this effort.

  Our 26th President, Teddy Roosevelt, once said that no man who is 
corrupt, no man who tolerates corruption in others can do his duty by 
the community. That admonition rings true today.
  Four years ago, I led an effort to ban stock trading by Members of 
Congress, joined with colleagues on both sides of the aisle. For 4 
years, we have tried to convince this Chamber to ban Members of 
Congress from trading stocks. Why? Members of Congress should be 
serving their communities, their constituents, and their country, not 
their stock portfolios.
  In that 4-year span, 48 months, 1,400 days, how many millions of 
dollars have Members of Congress in this body made from trading stocks? 
It is unconscionable. It is a practice that should have ended years 
ago. We have continued to beat that drum month after month, week after 
week, day after day, and we will keep doing it until a majority in this 
body joins the rest of the American people, the public in supporting a 
ban to this insidious practice. I am grateful to Representative 
Magaziner for continuing to beat that drum, leading the effort now over 
the last 2 years.
  It feels as though we are on the precipice, as Mr. Magaziner noted, 
of finally getting traction in this Chamber to end this practice. The 
one cautionary note I would offer, Mr. Speaker, is that in that 4-year 
span, as I mentioned, this journey, this battle that we have waged, 
again, colleagues of mine on both sides of the aisle to ban stock 
trading, I have heard virtually every excuse in the book from some of 
my colleagues: It is too complicated; there are competing bills; the 
legislative text is complex.
  This is very simple. Just ban it. Not 5 years from now, not next 
year. Let's just put a bill on the floor to ban it, period. Members of 
Congress will no longer be able to trade stocks, simple as that.
  I hope, Mr. Speaker, that my colleagues will join me, join Mr. 
Magaziner, join the coalition that has organized around this issue so 
that we can finally get this done and end corruption here in 
Washington.
  Mr. MAGAZINER. Mr. Speaker, as we get ready to close here tonight, I 
thank my colleagues once again for their leadership on this issue and 
their courage because, as was said earlier, the opponents of this stock 
trading ban don't speak out publicly, but they are here, and they are 
watching and listening, and they are probably not very happy with us 
tonight.
  It takes people of courage to be willing to stand up and say: We here 
in Congress have to change. We have to change the way Congress works so 
that we work for the American people and not for ourselves. We need to 
end this corruption. We need to end this insider dealing. We need to 
end congressional stock trading.
  What you have seen tonight is that this is a bipartisan issue. We 
have had people speak tonight from across the political spectrum who 
had the courage to stand up for what is right and to stand up for what 
the American people not only want but are demanding of us.
  Make no mistake, this insider trading is happening. It is happening. 
I have the statistics right here. In 2024, the average Member of 
Congress outperformed the market by nearly 3 percent. Now, I used to 
work in the investment business, and let me tell you, there are paid 
professionals who do not have that kind of outperformance.
  The year before that, the average Member of Congress also 
outperformed the market, and the year before that, and the year before 
that. The last 4 years in a row, Members of Congress who traded stocks 
outperformed the market.
  That is not a coincidence. One time, one year might be luck, but two, 
three, four years in a row is a clear pattern of corruption that needs 
to end. Members should not be allowed to trade off of inside 
information and should not be conflicted when deciding how to vote on a 
bill or whether to support a policy.
  The American people support this overwhelmingly, and it is time to 
get it done. I am feeling hopeful. Earlier this year, it was hard to 
get people to pay attention to this issue. It was hard to get media 
coverage. It was hard to get Member support, but in the last month or 
so, things have started to change. Leader Jeffries supports it; Speaker 
Johnson supports it; President Trump supports it. People are starting 
to notice. We are building momentum.
  I will end tonight with gratitude for those who started this journey 
before I ever got to Congress. Former Members, like Abigail Spanberger 
and Ken Buck, have pushed for this for years. We are now building off 
of their work. I have the TRUST in Congress Act that I have been 
leading with Mr. Roy. We have got a few other Members who have 
introduced their own versions. Those of us who have various versions of 
a stock trading bill are now working together to develop a consensus 
bill that we can all get behind and push together, and we are getting 
close.
  The excuses for inaction are running out fast. The excuses for 
inaction are running out. The American people want this. It is the 
right thing to do. Let's get it done.
  Once again, I thank my colleagues from both sides who have had the 
courage to stand up tonight in support of a stock trading ban. The time 
is now. Let's get it done.
  Mr. Speaker, I yield back the balance of my time.

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