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Congresswoman: “Additional Reporting on Suspiciously Timed Trades Among Members of Congress Has Further Eroded the Public’s Trust in Their Elected Officials”

Spanberger is Leading the “TRUST in Congress Act,” the Proposal with the Most Bipartisan Support — and the Most Cosponsors Overall — to Ban Members of Congress from Trading Individual Stocks

WOODBRIDGE, Va. — U.S. Representative Abigail Spanberger today pressed the U.S. House Committee on House Administration to hold a hearing on efforts to ban Members of Congress, their spouses, and their dependent children from buying and selling individual stocks while serving in Congress.

In a letter sent to the Committee’s leadership, Spanberger highlighted recent reports shedding light on suspiciously timed trades related to the collapse of Silicon Valley Bank and several additional financial institutions. In response to these transactions, she made the case for swift congressional action to prevent lawmakers and their families from trading individual stocks and to restore a degree of the American public’s trust in their elected officials.

“Additional reporting on suspiciously timed trades among Members of Congress has further eroded the public’s trust in their elected officials — including related to the Silicon Valley Bank collapse,” said Spanberger. “Accordingly, I am writing to once again urge the Committee on House Administration to hold a hearing on proposals to ban Members of Congress, their spouses, and their dependent children from trading stocks.”

Spanberger continued, “Unfortunately, reporting in recent weeks has shed light on even more questionable trades by our colleagues. Just last week, multiple reports showed that several Members of Congress sold bank stocks just days before the Silicon Valley Bank failure — including after receiving briefings on this situation. Coincidental or not — it does not matter. Our constituents are sick and tired of reading these headlines — they deserve action.”

Earlier this year, Spanberger and U.S. Representative Chip Roy (R-TX-21) reintroduced their bipartisan Transparent Representation Upholding Service and Trust (TRUST) in Congress Act to effectively ban Members of Congress — as well as their spouses and dependent children — from trading individual stocks. Specifically, the legislation would require lawmakers and their families to put certain investment assets into a qualified blind trust during their entire tenure in Congress. The legislation now has more than 55 Democratic and Republican cosponsors — the most of any proposal to ban congressional stock trading.

Last month, Spanberger testified before the U.S. House Committee on House Administration to make the case for her TRUST in Congress Act. She testified as part of the Committee’s Member Day, which focused on proposed legislation within its jurisdiction. 

Click here to read Spanberger’s letter, and the full letter text is below.

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Dear Chair Steil and Ranking Member Morelle,

This weekend marked 100 days since I reintroduced my bipartisan “Transparent Representation Upholding Service and Trust (TRUST) in Congress Act” (H.R.345) with U.S. Rep. Chip Roy (R-TX-21). Since January 12, 2023, additional reporting on suspiciously timed trades among Members of Congress has further eroded the public’s trust in their elected officials — including related to the Silicon Valley Bank collapse. Accordingly, I am writing to once again urge the Committee on House Administration to hold a hearing on proposals to ban Members of Congress, their spouses, and their dependent children from trading stocks.

As you know from my testimony during the Committee’s Member Day Hearing last month, our bipartisan TRUST in Congress Act would require Members of Congress, their spouses, and their dependent children to divest their individual stocks or place them into a qualified blind trust during their time in office. I was encouraged by the opportunity to engage in a meaningful conversation with Committee Members on the importance of reforms to avoid the appearance of impropriety and show our constituents that we are working for them – not our stock portfolios.

Unfortunately, reporting in recent weeks has shed light on even more questionable trades by our colleagues. Just last week, multiple reports showed that several Members of Congress sold bank stocks just days before the Silicon Valley Bank failure — including after receiving briefings on this situation. Coincidental or not – it does not matter. Our constituents are sick and tired of reading these headlines – they deserve action.

To show the American people we are serious about getting this done, I urge the Committee to hold a hearing on the TRUST in Congress Act. This bill has the most bipartisan support of any proposal to ban Member stock trading, as well as the most bipartisan support it has ever had across the 116th, 117th, and 118th Congresses.

Thank you for your attention to this important matter.

Original source can be found here