Push to ban stock trading by Congress follows IL rep’s reported violations

By Jim Talamonti | The Center Square
The Center Square

(The Center Square) – After an Illinois congressman reportedly broke the law with late disclosures of stock trades, another member of the state’s delegation is urging colleagues to prohibit stock trading by members of Congress.

OpenSecrets revealed on August 26 that Illinois U.S. Rep. Jonathan Jackson, D-Chicago, was weeks late in disclosing 31 stock trades made by his wife earlier this year.

Illinois U.S. Rep. Raja Krishnamoorthi, D-Schaumburg, joined a bipartisan group of lawmakers this week to introduce a ban on stock trading by members of Congress.

“We’re not going to judge what you did before now, but now that this bill is going to come to the floor, and we’re going to make sure of that, it’s your chance to get right with the American people,” Krishnamoorthi said.

The Illinois Democrat urged his colleagues to “do the right thing.”

“Congress is not a casino. It’s not a stock exchange. It’s not a betting parlor. The only bet we should be making is on the American people,” Krishnamoorthi added.

The Center Square contacted Jackson’s office several times for comment, but the congressman was not immediately available. Dozens of federal lawmakers had similar violations in the past decade, with dollar amounts of the stock trades ranging from hundreds of dollars to millions.

U.S. Reps. Chip Roy, R-Texas, and Seth Magaziner, D-Rhode Island, introduced the Restore Trust in Congress Act, which prohibits members of Congress, their spouses, dependent children and their trustees from owning, buying or selling individual stocks, securities, commodities or futures. The bill also outlines the process by which lawmakers would be required to divest from covered assets.

Although the measure includes exceptions, it reconciles several previously introduced bills and aims to prevent insider trading by federal lawmakers and their families. HR 5106 also provides for lawmakers’ supervising ethics office to impose and enforce penalties and issue any additional guidance.

U.S. Rep. Alexandria Ocasio-Cortez, D-New York, said the bill got stronger as lawmakers worked together.

“It is one of those rare moments where I feel like Washington is working the way that it’s supposed to work,” Ocasio-Cortez said.

U.S. Rep. Anna Paulina Luna, R-Florida, said 95% of Americans support the bill and she expects leadership to bring it to the House floor.

“The President [Donald Trump] has stated that he supports banning this, because it is corrupt. Frankly, the fact that members are getting, what, plus-600% returns on their investments is wrong. More importantly, how could you ever be expected to represent your constituents when you’re clearly worried about your pocketbook?” Luna asked.

According to Luna, the bill’s supporters “asked nicely” for House leadership to bring HR 5106 to the House floor. If they don’t, Luna said a discharge petition is prepared and ready to go.

Luna said the coalition is hopeful that the bill will be brought to the floor in regular order.