Bipartisan Push to Restrict Congressional Stock Trading Gains Support
In an era of diminishing public trust in government, a coalition of former Wisconsin lawmakers is championing a significant reform to limit stock trading by members of Congress and their families. The proposed “Restore Trust in Congress Act” aims to enhance transparency and eliminate conflicts of interest, reflecting a growing bipartisan consensus on the issue.
Ninety ex-members of Congress have signed a letter urging the House leadership to advance this legislation. The letter, endorsed by 60 Democrats, 28 Republicans, and two Independents, emphasizes the critical nature of this reform: “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.”
Among the signatories are four former Wisconsin representatives: Democrats Ron Kind and Russ Feingold, and Republicans Steve Gunderson and Reid Ribble. Ribble, previously representing Wisconsin’s 8th Congressional District, expressed a change of heart regarding stock trading restrictions, stating, “I just think for the integrity of the institution, it would be better not to allow individual stock trades.”
Public sentiment supports such measures, as Pew Research Center data indicates that trust in Congress has been at a historical low since 2007. In parallel, research shows bipartisan backing for restricting lawmakers’ financial activities.
The proposed legislation mandates that lawmakers, upon assuming office, must divest from stocks or place them in a blind trust. Current members would have 180 days to comply after the law’s enactment. The bill’s sponsors, urging its passage before year-end, have called on House Speaker Mike Johnson and Minority Leader Hakeem Jeffries to rally support.
Critics highlight the financial burden on Congress members, citing stagnant salaries since 2009 as a reason some turn to stock trading for additional income. Ribble acknowledges these challenges but stresses, “The American people are very upset. They’re upset with inflation, they’re upset with what it costs to live today, what it costs for health care, what it costs to buy a home, what it costs to buy food.”
This push follows past controversies, including a 2020 investigation into insider trading by U.S. senators during the early COVID-19 pandemic. Despite laws barring such practices since 2012, many lawmakers have been found to violate disclosure requirements with limited repercussions. The Wall Street Journal recently reported on Congress members trading stocks before policy announcements, highlighting ongoing concerns.
The House bill differs from previous party-line attempts, including the Senate’s version associated with former Speaker Nancy Pelosi. Its bipartisan nature has rekindled hope for its passage. Ribble believes now is the opportune moment for reform: “The American people right now are more supportive of this than ever, and so I’m a big believer, on legislative reforms like this, to strike when the iron is really hot.”
