These are strange times we live in.
Congress members Matt Gaetz and Alexandria Ocasio-Cortez are joining forces on a new bipartisan bill which aims to stop lawmakers from taking advantage of the stock market.
The Bipartisan Restoring Faith in Government Act would prohibit members of Congress from owning or trading individual stocks in order to prevent insider trading.
Sponsorship of the bill includes both republicans and democrats.
Gaetz and AOC introduced the bill along with Brian Fitzpatrick and Raja Krishnamoorthi.
Several accusations have arisen over the last several years of congress members partaking in insider trading.
The 2012 STOCK Act allows members to buy and sell stocks so long as their transactions are disclosed and they don’t insider trade.
It is expected that there will be plenty of opposition to the new bill.
BREAKING: AOC and Matt Gaetz join forces on bill to ban lawmakers from owning stockhttps://t.co/XTi9VHaRLu
— Jack Poso 🇺🇸 (@JackPosobiec) May 2, 2023
The Post Millennial has details on the bill:
A new bill has been introduced in the House of Representatives that aims to prohibit members of Congress from owning and trading individual stocks, in an effort to prevent any potential insider trading scandals.
The bipartisan legislation, called the Bipartisan Restoring Faith in Government Act, is sponsored by both Democrats and Republicans and was introduced by Reps. Alexandria Ocasio-Cortez, Matt Gaetz, Brian Fitzpatrick, and Raja Krishnamoorthi.
The proposed legislation would require lawmakers to place their stocks into blind trusts, which would be managed by an independent trustee who would be responsible for making all investment decisions.
The unusual pairing of Gaetz and AOC has certainly garnered some attention:
AOC and Gaetz working together on a bill? Wtf is happening? https://t.co/6HWqN8RG3i
— HIMstead (@AggieFanColton) May 2, 2023
I'm sorry this has to be fake LOL. AOC and Gaetz? https://t.co/WNw0YhDCI5
— accordracer (@accordracer) May 2, 2023
Gaetz and AOC working together….this is how congress is supposed to be. https://t.co/4M074QB1nn
— Bear🐻 (@VP72801) May 2, 2023
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) May 2, 2023
The Washington Examiner has more:
Ocasio-Cortez said the ability of members of Congress to trade stock “erodes the public’s trust in government.”
“When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple,” Ocasio-Cortez said.
Ocasio-Cortez and Gaetz rarely agree on any measure, but Gaetz echoed Ocasio-Cortez’s comments that as long as the public’s concerns about “insider trading hang over the legislative process,” Congress will never “regain the trust” of the United States.
“Members of Congress are spending their time trading futures instead of securing the futures of our fellow Americans,” Gaetz said. “We cannot allow the Swamp to prioritize investing in stocks over investing in our country.”
JUST IN: US Representatives Matt Gaetz & AOC introduce a bipartisan bill to ban Congress members from trading and owning stocks.
Do you support this? pic.twitter.com/LzGLRIGSaH
— shaneyyricch (@shaneyyricch) May 2, 2023
BREAKING: AOC and Matt Gaetz have introduced a bill to ban Congress members from owning, trading stocks
— unusual_whales (@unusual_whales) May 2, 2023
US Representatives AOC & Matt Gaetz have introduced a bill to ban Congress from owning & trading stocks.
The Restoring Faith in Government Act, aims to restore public trust by preventing lawmakers from profiting from insider information.
The bill would also prohibit members'… pic.twitter.com/J2ID5QqI9m
— Andrew Lokenauth | TheFinanceNewsletter.com (@FluentInFinance) May 2, 2023