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Nearly 100 former lawmakers call on House to ban stock trading by members of Congress

Ninety former members of Congress on Dec. 2 urged U.S. House leaders to quickly pass legislation that would “eliminate the persistent appearance of insider trading among members of Congress,” obtained by .

In the letter, the former federal lawmakers — Democrats, Republicans and independents alike — tell Speaker Mike Johnson (R-La.) and Minority Leader Hakeem Jeffries (D-N.Y.) that passing the would defend against “real and perceived conflicts of interest,” as the bipartisan bill in part aims to ban members of Congress and their immediate family members from buying, selling and owning most individual stocks.

The former members of Congress also wrote that approving the bill would demonstrate “that members of Congress prioritize the institution’s integrity and their commitment to their constituents above personal gain” at a time when dozens of members have in recent years violated existing stock-trading rules. They “strongly recommend attaching this legislation to a ‘must pass’ package” before the end of the year.

“The American people understand that our elected lawmakers cannot be both the referee and the player — that presents a clear conflict of interest,” the former lawmakers write. “Even the appearance of self-dealing does damage.”

Among the former lawmakers to sign the letter: Senate Minority Leader Tom Daschle (D-S.D.), House Majority Leader Dick Gephardt (D-Mo.), Sen. Olympia Snowe (R-Maine) and Rep. Fred Upton (R-Mich.).

In all, 60 Democrats, 28 Republicans and two independents , which was organized by the nonpartisan government watchdog organization Issue One.

The authors note that a from the University of Maryland and a from the Rady School of Management at the University of California, San Diego found overwhelming public support for prohibiting members of Congress from trading individual stocks.

“The American people are outraged — they get infuriated when they see members of Congress enriching themselves,” former Rep. Reid Ribble (R-Wis.), who served in Congress from 2011 to 2017, told OpenSecrets.

Passage of the Restore Trust in Congress Act — an stock-ban bills in the House — would still require approval by the Senate and the signature of President Donald Trump. The Senate also has its , which it passed out of committee in July, but it hasn’t yet received a floor vote.

During a last month, lawmakers the finer points of a bill that strengthened or superseded the current , which some argued is inadequate at policing the personal finances of public officials.

Among current sticking points: whether lawmakers could retain stock in certain kinds of assets — a community-focused entity, for example — and whether a stock ban would pertain just to Congress or extend to the executive and judicial branches, as well.

“How do we make sure that we’re not throwing out the baby with the bath water?” Rep. Morgan Griffith (R-Va.) at the House hearing.

Federal lawmakers are routinely privy to “tremendously important and deeply sensitive information” about all manner of companies and industries, from tech to pharmaceuticals to defense contractors, said former Rep. Tim Roemer (D-Ind.), who served in Congress from 1991 to 2003 and now co-chairs Issue One’s . This represents “completely unfair access to information over what the average American has when making investments,” Roemer said.

News organizations, including OpenSecrets, have identified more than two dozen current members of Congress who have violated the STOCK Act’s transparency provisions this year. In some cases, they’ve failed to properly disclose hundreds of thousands or even millions of dollars worth of personal stock trades until months or years after the existing 45-day deadline for doing so.

Violators include Democratic Reps. , , , , , , , , , , and .

Republicans include Sen. and Reps. , , , , , , , , and .

Dozens of other federal lawmakers have violated the STOCK Act . And last month, Robert White, a leading candidate challenging long-time Del. Eleanor Holmes Norton of Washington, D.C., also violated the STOCK Act, .

Other current members have adhered to the STOCK Act’s disclosure deadlines but continue to personally trade stocks in companies that aggressively lobby Congress and the federal government.

“We should hold ourselves to a higher standard, not a lesser standard,” said former Rep. Brian Baird (D-Wash.), who served in Congress from 1999 to 2011 and was the original author of the STOCK Act. “This is not easy for some members. It may be inconvenient. But nobody forced them to run for office.”

Ribble said he remains skeptical that Congress will pass a stock ban bill and send it to the president’s desk this term or next.

But he noted that Johnson, Jeffries and Trump have all previously said they’re open, in principle, to supporting such a measure.

“If there ever was a moment in U.S. history when this could happen, it’s today,” Ribble said.

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