Nunn, Pappas Introduce Bill to Cut Pensions of Former Lawmakers Who Cash In as Lobbyists

WASHINGTON, D.C. - Representatives Zach Nunn (IA-03) and Chris Pappas (NH-01) today introduced the No Cashing In Act , bipartisan legislation to increase transparency and accountability for former Members of Congress who become lobbyists after leaving public service while continuing to receive taxpayer-funded congressional pensions.

"Public service should never become a stepping stone for personal profit," said Rep. Nunn . "First in the Iowa Statehouse and now in Congress, I've fought to ban stock trading and close Washington's revolving door because Iowans deserve representatives who treat public service as a public trust - not a chance to cash in on insider information or land a cushy lobbying job after leaving office. This bipartisan bill builds on those efforts by bringing greater transparency and accountability to Washington."

Under current law, former Senators are prohibited from lobbying Congress for two years upon leaving office, while former Representatives face a one-year restriction. Once those cooling-off periods expire, former lawmakers may lobby on behalf of corporations, trade associations, and other special interests while continuing to collect taxpayer-funded congressional pensions. At the same time, financial disclosure requirements also end shortly after a lawmaker leaves office, hiding lobbying income from public scrutiny.

The No Cashing In Act closes those transparency gaps by requiring former Members who continue receiving a congressional pension to publicly disclose their financial interests and reducing pension payments by the amount of income earned from substantial lobbying activity.

This legislation builds on Rep. Nunn's broader efforts to restore public trust in government and increase transparency among elected officials. Rep. Nunn helped lead the bipartisan Restore Trust in Congress Act - legislation to ban Members of Congress and their immediate families from owning or trading individual stocks - and signed a discharge petition to force a House vote on the bill. He is also helping lead the Stop Insider Trading Act as an original cosponsor, legislation that would bar Members of Congress, their spouses, and dependent children from buying individual stocks. Lawmakers who violate the restrictions would face penalties of $2,000 or 10 percent of the transaction's value, whichever is greater, plus forfeiture of any net investment gains.

"Public service should never lead to self-service," said Rep. Pappas. "But if it does, as is too often the case for former Members of Congress, it's unacceptable that taxpayers remain on the hook to pay out their pensions while they cash in lobbying for massive corporate interests or even for foreign governments like China, Russia, and Saudi Arabia. Our bipartisan legislation would close the revolving door and provide transparency to the public, and I urge my colleagues to join us in supporting these reforms."

Specifically, the No Cashing In Act would:

• Require former Members of Congress to file annual financial disclosure reports for 10 years after leaving office or for as long as they receive a congressional pension, whichever is longer.
• Reduce a former Member's congressional pension by the amount of income earned from working for a substantial lobbying entity.
• Define a substantial lobbying entity as an organization that employs more than three lobbyists or spends more than $10,000 annually on lobbying.

Text of the bill can be found here .

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