Congressman Seth Magaziner (D-R.I.) will lead the effort to pass legislation to ban members of Congress from trading individual stocks, taking over for outgoing Rep. Abigail Spanberger (D-Va.). The TRUST in Congress Act would require lawmakers, their spouses, and dependent children to place certain investment assets into a qualified blind trust during their service in Congress.
“Our job is to serve the American people, not ourselves — and banning Members of Congress from trading stocks is a crucial step toward restoring accountability in Congress,” Rep. Magaziner said in a statement. “I am thankful for Representative Abigail Spanberger’s leadership on this bipartisan bill, and look forward to leading this effort in the 119th Congress alongside Representative Chip Roy to deliver this much needed reform.” The bill was originally introduced in 2020 by Spanberger and Rep. Chip Roy (R-Texas). The legislation is cosponsored by 79 Members of Congress, including Magaziner, Roy, and several other Democratic and Republican colleagues. Rep. Magaziner co-sponsored his first bill, the TRUST in Congress Act, in January 2023.
“As members of Congress, we receive sensitive briefings and take votes that move markets, making it crucial that we do not use these privileges for personal financial gain,” Spanberger said. “That is why I’ve been proud to lead the bipartisan TRUST in Congress Act to ban lawmakers — as well as their spouses and dependent children — from trading, selling, or buying individual stocks while in office.”
“Even the perception of impropriety erodes public trust, and Americans deserve to have confidence in their elected representatives,” she said. “I am glad that Rep. Magaziner will be joining Rep. Roy in advancing this important effort next Congress.”
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.