AOC, Matt Gaetz team to push bill banning Congress members from owning, trading stocks
Finally, the far left and far right have found something they can agree on.
Socialist Rep. Alexandria Ocasio-Cortez (D-NY) and firebrand Rep. Matt Gaetz (R-Fla.) are co-sponsoring a bill to restrict members of Congress from owning or trading stocks.
H.R. 3003, also sponsored by moderate Rep. Brian Fitzpatrick (R-Pa.) and progressive Rep. Raja Krishnamoorthi (D-Ill.), would prohibit congressional spouses and other dependents from owning or trading stock as well.
“The fact that Members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America,” Fitzpatrick said in a joint statement with the other lawmakers.
“We must move forward on issues that unite us, including our firm belief that trust in government must be restored.”
“When Members have access to classified information, we should not be trading in the stock market on it,” said Ocasio-Cortez. “It’s really that simple.”
“Members of Congress are spending their time trading futures instead of securing the future of our fellow Americans,” Gaetz said. “We cannot allow the Swamp to prioritize investing in stocks over investing in our country.”
The legislation appears to be the strictest trading ban floated thus far.
Another bipartisan bill introduced by Reps. Abigail Spanberger (D-Va.) and Chip Roy (R-Texas), known as the TRUST in Congress Act, would require members of Congress, their spouses and dependents to place investments into blind trusts until after they leave office.
“Rep. Spanberger appreciates continued momentum behind the push to ban members of Congress, their spouses, and their dependent children from trading individual stocks,” the Democrat’s spokesman told The Post Tuesday.
“Her TRUST in Congress Act continues to gain steam — with more than 55 Republicans and Democrats now supporting her bill. And in the wake of lawmaker trades related to Silicon Valley Bank and First Republic Bank, Rep. Spanberger’s office is seeing more interest from lawmakers who want to join her push.”
Fitzpatrick and Gaetz have also signed on to Spanberger and Roy’s bill, but AOC has not.
Several members of Congress in March divested bank stocks amid the historic collapse of Silicon Valley Bank and First Republic Bank — including Rep. Ro Khanna (D-Calif.), who is a co-sponsor of the TRUST in Congress Act.
Rep. Dan Goldman (D-NY) also sold between $1,000 and $15,000 worth of shares in First Republic Bank on March 15, according to the political investment tracker Capitol Trades.
As heir to the Levi Strauss & Co. fortune, Goldman is among one of the wealthiest members of Congress and has made more than 500 trades worth between $10 million and $31 million.
Goldman’s spokesman has maintained the congressman had no knowledge of the trades and entered into a blind trust with an undisclosed investment adviser upon taking office.
“Congressman Goldman supports legislation to ban stock trading by members of Congress. Our office is currently evaluating the different pieces of legislation that would do that,” the rep told The Post.
Another of Congress’ wealthiest members, Rep. Nancy Pelosi (D-Calif.), holds an extensive portfolio of tech stocks with her husband and has seen her net worth balloon to more than $100 million since entering office.
Sen. Josh Hawley (R-Mo.) has also introduced the PELOSI Act, or the Preventing Elected Leaders from Owning Securities and Investments Act, to bar members of Congress and their spouses from owning or trading stocks while in office, while permitting them to place their holdings into blind trusts.
“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” Hawley said in January.
“As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again.”
In 2012, Congress passed the STOCK Act, which outlawed insider trading for members. However, a series of reports on stock holdings that present potential conflicts of interest has led to bipartisan calls for tougher restrictions.
