Issue One urges House to advance bipartisan comprehensive stock trading ban

Today, the Committee on House Administration held a hearing to revisit shortcomings of the STOCK Act. This is the first time in more than three years that the committee has convened to discuss the issue of congressional insider trading amid mounting pressure.

In response to today’s hearing, Issue One’s Senior Legislative Associate Joshua Bonet, issued the following statement:

“The American people deserve to know that their elected representatives are working for the common good, not their individual financial portfolios. We commend the Committee on House Administration, under the leadership of Reps. Bryan Steil (R-WI) and Joe Morelle (D-NY), for highlighting the need for legislation that would ban members of Congress from trading and owning stocks. This is a scourge that has united members — and the public — from across the political spectrum. There’s no reason why federal lawmakers who write the rules for industries and corporations should also be allowed to invest in them. That’s a clear conflict of interest. Even the appearance of self-dealing damages faith in the legislative branch, and banning members from trading stocks while in office will remove that cloud of suspicion.

“While deliberation is important, there exists today a pragmatic, consensus-driven bill with strong bipartisan support. The Restore Trust in Congress Act was negotiated by members of both parties and demonstrates to the American people that their elected leaders are committed to rebuilding trust in government. We urge the House to advance and pass this commonsense ethics reform this year.”