Rep. Cleaver Cosponsors Legislation to Prevent Insider Trading By Members of Congress

(Washington, D.C.) – Today, U.S. Representative Emanuel Cleaver, II (D-MO) cosponsored H.R. 336, the Transparent Representation Upholding Service and Trust (TRUST) in Congress Act, to prevent insider trading in Congress. The TRUST in Congress Act would increase government transparency and reduce corruption in Congress by requiring Members of Congress, their spouses, and dependent children to place certain investments into a qualified blind trust while serving in Congress.

"This is common sense," said Congressman Cleaver.

Specifically, the TRUST in Congress Act would:

• Require all Members of Congress, their spouses, and dependent children to put certain investment assets into a qualified blind trust within 90 days after the enactment of the bill. Members would be able to remove assets from the blind trust 180 days after leaving Congress;
• Require all Members to either 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 certify to the Clerk or the Secretary that they do not own any covered investments. The status of these certifications would then be made publicly available; and
• Define covered investments as: a security, commodity, future, or any comparable economic interest acquired through synthetic means such as the use of a derivative.

"I'm proud to join Representative Spanberger to cosponsor this common sense, bipartisan piece of legislation," said Congressman Cleaver. "At a time when the American public's trust in our democratic institutions—and, specifically, Members of Congress—is at a low point, it is imperative that Congress take steps to increase transparency and government accountability, while rooting out the potential for corruption amongst those who would abuse the public's trust for personal profit. It is critical that the American people know their representatives in Congress are voting for the best interests of the people—not their stock portfolios—which is why we must pass the TRUST in Congress Act."

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, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on Housing, Community Development, and Insurance; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. A high-resolution photo of Congressman Cleaver is available here.