90 former elected officials urge passage of bipartisan stock trading ban this year

Today, 90 former elected officials from Issue One’s ReFormers Caucus sent a letter to Speaker Mike Johnson (R-LA) and Minority Leader Hakeem Jeffries (D-NY) urging swift passage of the Restore Trust in Congress Act (H.R. 5106) this year – bipartisan legislation that would ban members of Congress from trading and owning stocks.

“Insider trading by elected officials has been an ongoing and bipartisan issue for years, garnering attention among policymakers of both parties to put a stop to the practice,” the letter states. “A recent Wall Street Journal analysis revealed a surge in stock trading by federal lawmakers and their families in early April 2025 amid the rollout of President Trump’s new tariff policies… Enacting this critical reform would be a powerful step toward rebuilding that trust, addressing real and perceived conflicts of interest, and demonstrating that members of Congress prioritize the institution’s integrity and their commitment to their constituents above personal gain.”

The Restore Trust in Congress Act, a consensus-driven bill introduced earlier this year with strong bipartisan support, would ban members of Congress, their spouses, dependent children, and trustees from trading individual stocks; require divestment of covered assets within clear deadlines; and empower ethics officials to enforce penalties.

“Public service should be a patriotic duty, not an opportunity to cash in on privileged information the rest of the country doesn’t have,” said Amb. Tim Roemer (D-IN), co-chair of the ReFormers Caucus. “When lawmakers trade on insider knowledge, they erode the trust that makes representative government work in the first place. That’s why this bipartisan reform is so important – it represents a vital step toward restoring integrity and rebuilding Americans’ confidence in Congress.”

Today’s letter builds on the ReFormers Caucus’ longstanding advocacy for stronger ethical standards in Congress, including previous calls for stock trading bans in both chambers. The letter further underscores that “our elected lawmakers cannot be both the referee and the player” and that “even the appearance of self-dealing does damage” to democratic institutions.

“As former members of Congress from both parties, we’re deeply committed to the ongoing health of our democracy and the institution of Congress,” the letter concludes. “That is why we encourage all sitting members to support this critical reform by signing on to the Restore Trust in Congress Act and ensuring its passage before the end of the year.”

Read the full letter.

Background

Earlier this year, lawmakers from across the political spectrum set aside competing proposals and worked together on a single comprehensive measure to bar federally elected officials from trading stocks while in office. The Restore Trust in Congress Act emerged from those negotiations, led by Reps. Chip Roy (R-TX), Brian Fitzpatrick (R-PA), Seth Magaziner (D-RI), Alexandria Ocasio-Cortez (D-NY), Tim Burchett (R-TN), Pramila Jayapal (D-WA), Anna Paulina Luna (R-FL), and Raja Krishnamoorthi (D-IL).

These House negotiations coincided with action in the Senate, where a key committee advanced bipartisan legislation in July that would restrict members of Congress from purchasing or holding individual stocks and similar financial instruments.

During the House Administration’s recent hearing on November 14 to revisit shortcomings of the STOCK Act –  its first discussion on congressional insider trading in more than three years amid mounting pressure for reform – Chair Bryan Steil (R-WI) and Ranking Member Joe Morelle (D-NY) underscored that existing ethics rules fall short of what the public expects and highlighted the urgent need for legislation that would ban members of Congress from trading and owning stocks.

The call for reform has drawn support from leaders across government. President Trump, his cabinet, Speaker Mike Johnson (R-LA), and Minority Leader Hakeem Jeffries (D-NY) have each signaled backing for a ban.

Public polling from the University of Maryland also shows overwhelming approval: 86% of Americans favor prohibiting lawmakers and their families from trading stocks, underscoring the broad bipartisan demand for change.

The ReFormers Caucus has long championed stronger ethical standards in Congress. In 2024, more than 40 of its members urged Senate leadership to move forward on a stock trading ban, reinforcing that this reform has been a consistent and urgent priority.