Two lawmakers are forming an unlikely alliance to address a longstanding ethics concern in Congress.
Reps. Alexandria Ocasio-Cortez and Matt Gaetz are sponsoring the bipartisan Restoring Faith in Government Act.
Ocasio-Cortez identifies as a democratic socialist, whereas Gaetz is a MAGA Republican.
The law would prohibit members of Congress and their dependents from trading in individual stocks while serving in office.
Rep. Brian Fitzpatrick touted both Gaetz and Ocasio-Cortez as sponsors of the legislation in a Tuesday news release.
“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,” Fitzpatrick said of the legislation.
“This is basic common sense and basic Integrity 101.”
Fitzpatrick, himself a Pennsylvania Republican, is also joined by Illinois Democrat Raja Krishnamoorthi in sponsoring the legislation.
The bill amounts to a thumb of the nose of former Speaker of the House Nancy Pelosi — who is one of Congress’ most prolific profiteers off of the stock market.
The ex-speaker’s husband Paul Pelosi has cashed in millions through stock sales — some of which are affected by legislation voted upon in the House of Representatives.
The Pelosis have been criticized for what resembles a blatant conflict of interest — a loophole that the bipartisan stock bill would put an end to.
Gaetz framed the legislation as a solution to concerns over congressional insider trading.
I’m proud to work with my colleagues Rep. @AOC, @RepBrianFitz, and @CongressmanRaja on this important legislation!
Members of Congress are spending their time trading futures instead of securing the future of our fellow Americans. We cannot allow the Swamp to prioritize… pic.twitter.com/KGcyYfWi3D
— Rep. Matt Gaetz (@RepMattGaetz) May 2, 2023
“When Members have access to classified information, we should not be trading in the stock market on it,” Ocasio-Cortez said of the legislation in Fitzpatrick’s news release.
“It’s really that simple.”
Pelosi initially opposed attempts to regulate congressional stock trading, only to acquiesce as calls for an end to the practice grew louder in volume, according to CNBC.
The law wouldn’t prohibit members of Congress from owning exchange-traded funds, rather than individual stocks.
