WASHINGTON – U.S. Rep. Chris Pappas (NH-01) and Congressman David Schweikert (AZ-06) sent a bipartisan letter to House leadership reiterating their previous calls to hold a vote on legislation to ban stock trading by members of Congress.

“As we prepare to return to Washington to vote on the Inflation Reduction Act, we urge you to effectively utilize this time to take up a bill no later than this Friday to ban stock trading by members of Congress and their families,” wrote the lawmakers.

“Americans deserve to know with certainty that their elected officials are being held to the highest standard,” they continued. “To ensure transparency and accountability, we must strengthen existing law and make sure that no member of Congress or their family members are profiting off information they get from their job. Our time is limited, and we stand ready to work with you in the most efficient possible manner to pass this long overdue legislation.”

Pappas broke with Democratic House leadership in support of the stock trading ban in 2021, and after his advocacy, Speaker Pelosi reversed course and announced legislation to ban stock trading by members of Congress would be considered by the House. He supports and has helped lead several pieces of legislation to make these needed reforms.

Pappas is a co-sponsor of H.R. 336, the Transparent Representation Upholding Service and Trust in Congress (TRUST) Act. This bill requires a Member of Congress, as well as any spouse or dependent child of a Member, to place specified investments into a qualified blind trust until 180 days after the end of their tenure as a Member of Congress.

Pappas has also co-sponsored H.R.1579, the Ban Conflicted Trading Act, which would prohibit members of Congress from certain financial activities while holding office, including purchasing or selling specified investments and entering into a transaction that creates a net short position in a security, and H.R.8106, the Fighting Foreign Influence Act, which would curb foreign influence and close the revolving door of former members of Congress and senior government officials who lobby on behalf of foreign governments, in many cases with adversarial relationships with the United States, when their public service ends.

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Dear Speaker Pelosi and Leader Hoyer:

As we prepare to return to Washington to vote on the Inflation Reduction Act, we urge you to effectively utilize this time to take up a bill no later than this Friday to ban stock trading by members of Congress and their families

Those in Congress have an obligation to never abuse their position or seek personal gain from their service, but it’s clear that too often members’ activities cross a line. Violations have included millions of dollars in stock and option trades by members of Congress of both parties, disclosed after the required reporting deadline. In some cases, it was not until media outlets asked questions that these members reported the trades and complied with the law.

There are multiple bipartisan proposals ready to be voted on that would stop insider trading and prevent conflicts of interest among legislators. As very few legislative days remain in the calendar this year, we must take full advantage of every opportunity to pass these crucial reforms. We urge you in the strongest possible terms to bring a bill addressing this issue to the floor this week.

Americans deserve to know with certainty that their elected officials are being held to the highest standard. To ensure transparency and accountability, we must strengthen existing law and make sure that no member of Congress or their family members are profiting off information they get from their job. Our time is limited, and we stand ready to work with you in the most efficient possible manner to pass this long overdue legislation.

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