Chip Roy introduces bill to prohibit members of Congress and their families from trading stocks
"The American people should have faith that Congress is at work for the good of the country, not for their own bank accounts," the representative said.
Chip Roy Republican Rep.
Republican Rep. Chip Roy and Democratic Rep. Seth Magaziner announced the bipartisan reintroduction of the TRUST Act in Congress this Tuesday. This legislative initiative prohibits members of Congress and their families from engaging in insider-based stock trades. The proposal aims to restore public confidence in government institutions and ensure that public servants do not use their power for personal financial gain.
"The American people should have faith that Congress is at work for the good of the country, not for their own bank accounts. For years I have been working to address the problem of stock trading," Rep. Roy stressed.
"We can strengthen the integrity of our government by ensuring Members of Congress are serving their constituents and not their stock portfolios. I am proud to introduce this bipartisan, commonsense bill with Representative Chip Roy to ban Members of Congress — and their families — from trading individual stocks, so that we can hold Washington accountable to the people it serves," Magaziner commented.
Key measures in the TRUST Act
The Transparent Representation Upholding Service and Trust Act would require members of Congress, along with their spouses and dependent children, to place certain investment assets in a qualified blind trust while in office. This type of trust ensures that legislators do not have direct control over their assets, preventing them from using privileged information to make financial decisions that benefit their personal interests. It seeks to guarantee that legislators' actions are not influenced by economic benefits, protecting the integrity of their public work.
Support from key organizations
The bill has received the backing of several key organizations advocating for transparency and government accountability, such as the Project on Government Oversight (POGO), the National Taxpayers Union, Public Citizen, Protect Democracy and others.
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