An unlikely alliance was formed between Democrat and Republican lawmakers this week to introduce legislation blocking members of Congress as well as their spouses and dependents from stock trading.
Republican Reps. Matt Gaetz of Florida and Brian Fitzpatrick of Pennsylvania joined Democratic Reps. Alexandria Ocasio-Cortez of New York and Raja Krishnamoorthi of Illinois to introduce the Bipartisan Restoring Faith in Government Act.
“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,” said Congressman Fitzpatrick.
This is not the first time lawmakers have tried to get a ban on stock trading passed. Efforts were undertaken following scrutiny over Rep. Nancy Pelosi’s husband’s trades, prompting Sen. Josh Hawley to introduce the PELOSI Act.
Ocasio-Cortez and Gaetz emphasized the need to restore public trust in Congress.
“The ability to individually trade stock erodes the public’s trust in government,”Ocasio-Cortez said in a statement. “When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”
Gaetz said lawmakers should focus on their constituents, not stock portfolios.
“As long as concerns about insider trading hang over the legislative process, Congress will never regain the trust of the American people. Our responsibility in Congress is to serve the people, not hedge bets on the stock market," he said.
As Fox News's Jesse Watters points out, Pelosi isn't the only one involved in questionable stock trading practices. Democratic Rep. Lois Frankel of Florida just recently dumped her shares of First Republic prior to it collapsing, and then turned around to buy JPMorgan shares right before it picked up First Republic. Republican lawmakers are guilty of the same, however, with GOP Rep. John Curtis of Utah selling First Republic shares on March 16.
For years, Pelosi and other members of Congress, have been making money insider trading. But here’s something you don’t hear every day— AOC & Matt Gaetz are teaming up to stop it. pic.twitter.com/7TAw6MmioB
— Jesse Watters (@JesseBWatters) May 3, 2023
Speaking about his partnership with AOC on this legislation, Gaetz said she may be "wrong a lot...but she's not corrupt. And I will work with anyone and everyone to ensure that Congress is not so compromised."