Rep. Cleaver Co-introduces Bipartisan Legislation to Ban Stock Trading Among Members of Congress

(Washington, D.C.) – This week, U.S. Representative Emanuel Cleaver, II (D-MO) joined Reps. Seth Magaziner (D-RI) and Chip Roy (R-TX), along with 43 other lawmakers, in reintroducing the bipartisan Transparent Representation Upholding Service and Trust (TRUST) in Congress Act, which would effectively ban Members of Congress, their spouses, and dependent children from trading individual stocks. To reduce opportunities for insider trading among Members of Congress, the TRUST in Congress Act would require lawmakers and their immediate family to either divest from individual stock holdings or move their investments into a qualified blind trust during their entire tenure in Congress, ensuring they cannot profit off the nonpublic information provided to lawmakers.

“Just as we prevent athletes from betting on games in which they can have a direct impact on the outcome or inside information about the team’s performance, it is common sense to ban lawmakers from investing in stocks,” said Congressman Cleaver. “At a time when the American people’s faith in our democratic institutions is at an all-time low, lawmakers must take steps to demonstrate they are committed to serving the public, not their personal stock portfolios. That’s why I’m proud to be a cosponsor of the bipartisan TRUST in Congress Act.”

The TRUST in Congress Act was originally introduced in 2020. The legislation will:

• Require all current Members of Congress, their spouses, and their dependent children to divest from certain investment assets or place them into a qualified blind trust within 180 days after the enactment of this legislation. New Members of Congress, and their spouses and dependent children, would be required to place covered investments into a qualified blind trust within 90 days of assuming office. Affected individuals can remove assets from the blind trust 180 days after the Member leaves Congress.
• Require all Members to either 1) certify to the Clerk of the House of Representatives or the Secretary of the Senate that they have established a blind trust to include covered investments or 2) certify to the Clerk or the Secretary that they do not own any covered investments. The status of these certifications would be made publicly available by the Clerk of the House of Representatives and the Secretary of the Senate.
• The requirement would apply to the following types of investments: a security (including, but not limited to stocks and bonds), commodity, future, or any comparable economic interest acquired through synthetic means such as the use of a derivative.

The bipartisan TRUST in Congress Act is cosponsored by 44 Members of Congress, including co-leads Seth Magaziner (D-RI) and Rep. Chip Roy (R-TX), as well as Reps. Alma Adams (D-NC), Don Beyer (D-VA), Greg Casar (D-TX), Juan Ciscomani (R-AZ), Angie Craig (D-MN), Elijah Crane (R-AZ), Jason Crow (D-CO), Sharice Davids (D-KS), Suzan K. DelBene (D-WA), Christopher R. Deluzio (D-PA) Robert Garcia (D-CA), Jared F. Golden (D-ME), Josh Gottheimer (D-NJ), Chrissy Houlahan (D-PA), Jared Huffman (D-CA), Dusty Johnson (R-SD), William R. Keating (D-MA), Young Kim (R-CA), Greg Landsman (D-OH), Michael Lawler (R-NY), Teresa Leger Fernandez (D-NM), Mike Levin (D-CA), Nancy Mace (R-SC), Betty McCollum (D-MN), Frank J. Mrvan (D-IN), Gregory F. Murphy (R-NC), Jerrold Nadler (D-NY), Joe Neguse (D-CO), Eleanor Holmes Norton (D-DC), Marie Gluesenkamp Perez (D-WA), Scott Perry (R-PA), Brittany Pettersen (D-CO), Mark Pocan (D-WI), Andrea Salinas (D-OR), Mikie Sherrill (D-NJ), Eric Sorensen (D-IL), Greg Stanton (D-AZ), Hayley Stevens (D-MI), Dina Titus (D-NV), Paul Tonko (D-NY), Gabe Vasquez (D-NM), and Nikema Williams (D-GA).

The TRUST in Congress Act is endorsed by several key advocacy and government accountability organizations across the political spectrum, including Public Citizen, Project on Government Oversight (POGO), End Citizens United (ECU) Action Fund, CREW, Protect Democracy, Americans for Prosperity, National Taxpayers Union, Fix the Court, Taxpayers Protection Alliance, Government Accountability Project, and Issue One.

Official text of the TRUST in Congress Act is available here.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Greenwood, Blue Springs, North Kansas City, Gladstone, and Claycomo. He is a member of the exclusive House Financial Services Committee and Ranking Member of the House Subcommittee on Housing and Insurance.