This is big. A new House bill that Politico says "has a strange-bedfellows coalition of hardcore conservatives and good-government liberals behind it" would ban members of Congress from insider trading – and could actually pass in Congress soon with support from both parties.
It seems obvious that our representatives should vote based on what’s best for their constituents, not what fattens their own wallets the most. But building support in Congress has been a project years in the making.
As Yahoo Finance notes, P Street – our sister organization that lobbies for the interests of working people – "has been prodding this issue for years." They've been quoted in Politico, CNBC, and other national media for their role leading this push while organizing House members to support a strong ban with no loopholes.
Unlike proposals that call for representatives to put stocks in a blind trust, the Restore Trust in Congress Act requires members of Congress to sell stocks they already own within 6 months, and imposes real fines if they don’t.
Politico recently reported, "'Even if a blind trust precludes active management of stocks, lawmakers could still make decisions based on the stocks that they know went into their trust,' according to Emma Lydon, managing director of progressive government relations group P Street."
It's really pretty simple: When lawmakers vote on military spending or drug prices, they shouldn't be working out how much money they will make or lose based on the stock they own.
Getting the Restore Trust in Congress Act this far has not been easy. Our P Street lobbyists go up against legions of lavishly-funded corporate lobbyists every day, fighting for your interests against Big Pharma, Big Tech, Big Banks, Big Food, and Big Polluters.
The proof of P Street’s work is in the results. Members of Congress from AOC to Republican Chip Roy support this bill, and it has a very real chance of passing the House.
Thanks for being with us in this fight.
-- The PCCC Team (Follow us on BlueSky: @BoldProgressives.org)

FOLLOW US: