More than 40 former members of Congress call on Senate to pass ban on congressional stock trading

In a new letter released today, more than 40 former members of Congress are calling on the Senate to pass bipartisan legislation prohibiting members and their immediate family members from trading individual stocks while serving in Congress.

“The revised ETHICS Act framework is a pragmatic commonsense reform,” the letter states. “We propose attaching this crucial legislation to any ‘must pass’ package. This legislation merits inclusion in such a package because it addresses pressing issues, especially low-levels of trust in Congress and the appearance of insider trading.”

Those signing onto the letter include former Sens. Tom Daschle (D-SD), Chuck Hagel (R-NE), Reps. Barbara Comstock (R-VA), Donna Edwards (D-MD), Dick Gephardt (D-MO), Leon Panetta (D-CA), Amb. Tim Roemer (D-IN), and Zach Wamp (R-TN). All are members of Issue One’s ReFormers Caucus, the largest group of its kind ever assembled to fix our broken political system.

“The public is losing trust in government, particularly at the federal level and in Congress,” said Rep. Wamp, co-chair of the ReFormers Caucus. “Our elected representatives should work together and take steps to increase transparency and ethical standards, and that includes passing the ETHICS Act into law. There’s no getting around the fact that members of Congress should not be allowed to actively trade stocks while holding hearings, receiving nonpublic briefings, and legislating on the very issues that can affect the value of those stocks.”

In July, the Senate Homeland Security and Governmental Affairs Committee advanced the bipartisan ETHICS Act, introduced by Sens. Gary Peters (D-MI), Jeff Merkley (D-OR), Josh Hawley (R-MO), and Jon Ossoff (D-GA), which would ban members of Congress, the president, and vice president from holding, buying, or selling stocks. The bipartisan proposal would require members of Congress, their spouses, and their dependent children to divest all covered investments, increasing congressional transparency. It would also specify enforcement mechanisms for these restrictions, which will include clear and deliberate penalties for violations.

“Sadly, Americans too often believe that government officials use private and privileged information to benefit themselves, sometimes regarding their own investments,” said Amb. Roemer, co-chair of the ReFormers Caucus. “It’s necessary and essential for Congress to take extra steps and show their integrity and transparency. Our elected leaders should do what’s right and pass this legislation now to put their constituents’ views first and foremost.”

Read the full letter.