Magaziner, Roy Introduce New Bipartisan Bill to Ban Congressional Stock Trading

Washington, D.C. - Today, U.S. Representatives Seth Magaziner (D-RI-02) and Chip Roy (R-TX-21) introduced a new comprehensive bipartisan bill to ban Members of Congress from trading stocks.

The announcement of the new legislation comes after months of negotiations amongst a bipartisan group of Members who have been leading voices in the push to ban stock trading in Congress. Magaziner worked with Roy and a coalition of leaders on this issue, including Reps. Pramila Jayapal (D-WA-07), Tim Burchett (R-TN-02), Alexandria Ocasio-Cortez (D-NY-14), and Brian Fitzpatrick (R-PA-01) to craft the bill that bans stock trading by Members of Congress and creates a strong enforcement structure and penalties. This is the first time that members who had previously introduced competing bills to ban Congressional stock trading have come together to support a single bill and work together to achieve passage. The lawmakers today held a press conference in the U.S. Capitol to unveil theRestore Trust in Congress Actand call for an immediate vote on the proposal.

The Restore Trust in Congress Actwill prohibit Members of Congress, their spouses, dependent children, and trustees from owning, buying, or selling individual stocks, securities, commodities, futures, and other comparable assets.

The Restore Trust in Congress Actwas introduced with 16 original cosponsors, eight from each party: Rep. Chip Roy (R-TX-21), Rep. Seth Magaziner (D-RI-02), Rep. Tim Burchett (R-TN-02), Rep. Pramila Jayapal (D-WA-07), Rep. Brian Fitzpatrick (R-PA-01), Rep. Alexandria Ocasio-Cortez (D-NY-14), Rep. Anna Paulina Luna (R-FL-13), Rep. Raja Krishnamoorthi (D-IL-08), Rep. Scott Perry (R-PA-10), Rep. Dave Min (D-CA-47), Rep. Zach Nunn (R-IA-03), Rep. Joe Neguse (D-CO-02), Rep. Michael Cloud (R-TX-27), Rep. Mike Levin (D-CA-49), Rep. Ralph Norman (R-SC-05), and Rep. Josh Riley (D-NY-19).

The legislation is a reconciliation of several existing proposals to ban Members of Congress from trading stocks into one single measure, including Magaziner's TRUST in Congress Act, introduced earlier this year.

"We must take a strong stand against corruption and end stock trading by members of Congress once and for all," said Rep. Seth Magaziner. "I have made banning Congressional stock trading a priority through my time in the House, and this bipartisan bill is our best chance at finally getting it done."

"It's far past time to ban Members of Congress from day trading stocks, and for the first time, a bipartisan coalition is standing together behind a united proposal to do just that. The Restore Trust in Congress Act ensures that members of Congress will no longer be able to put the stock market first in their official decisions. This bill strikes a balance between being easy to comply with, but without tons of loopholes for Members to continue trading while on the job. We must vote on this bill and put this conflict of interest to bed for once and for all. I look forward to seeing the Restore Trust in Congress Act move through the legislative process," said Rep. Chip Roy.

"We are governing in a moment when public trust is at historical lows. Only two in ten Americans trust the government to do what is right for them and they are constantly seeing their elected officials selling them out to the highest bidder. They see the people elected to represent them instead making decisions to increase their own personal wealth. Finally, we are putting the American people first with this bipartisan legislation, which will ban stock trading for Members of Congress and set a new standard of integrity," said Rep. Pramila Jayapal.

"Ending congressional stock trading has been one of my top priorities every Congress, because it speaks to something bigger than politics: trust. A bipartisan coalition of this magnitude sends a clear message to the American people: we hear you, and we're taking action to ensure no Member of Congress uses public office for personal gain once and for all. If you're in Congress, you serve the public interest-not your portfolio. We owe the American people nothing less, and we won't stop fighting until this bill becomes law," said Rep. Brian Fitzpatrick.

"The information we have access to as members of Congress should only be used to serve our constituents, not ourselves. Because of the support of the American people on this issue, we have generated the momentum necessary to be able to introduce the bipartisan Restore Trust in Congress Act. And we look forward to bringing this to the floor and banning the trading of individual stock by members of Congress," said Rep. Ocasio-Cortez.

"The American taxpayer always gets the short end of the stick, while Congress profits at their expense. I hope Congress has the guts to stand up and pass legislation to ban member stock trading," said Rep. Tim Burchett.

You can view or download photos from the press conference here.

You can view a full video recording of the press conference here.

The full text of the legislation can be found here.

BACKGROUND

Magaziner has been a leading voice in the push to ban Members of Congress from trading stocks. In January, he introduced the bipartisan TRUST in Congress Act with Rep. Chip Roy, the proposal with the broadest support across party lines. The measure was originally introduced in 2020 by former Rep. Abigail Spanberger (VA-07).

The push for a ban gained new momentum this year when House Democratic Leader Hakeem Jeffries became the first party leader in either chamber of Congress to publicly endorse such a measure. Shortly after, President Donald Trump indicated he would sign a bill to ban stock trading if it came to his desk for signature. In May, Speaker of the House Mike Johnson expressed broad support for a ban.