The frequent media stories about legislators’ well-timed stock trades over the past several years have fomented a slew of bills to toughen up the STOCK Act and other rules forbidding the co-mingling of officials’ powers and personal wealth.
For example, Rep. Seth Magaziner (D-RI) reintroduced the Transparent Representation Upholding Service and Trust in Congress Act, which would force legislators to put their investments in blind trusts and have no visibility into any trades. Across the Capitol, Sen. Josh Hawley (R-MO) introduced the Preventing Elected Leaders from Owning Securities Act, which would forbid legislators and their spouses from holding, purchasing, or selling individual stocks. They could continue to invest in mutual funds, exchange-traded funds, and U.S. Treasury bonds. Supporters for these bills range from self-professed socialist Rep. Alexandria Ocasio-Cortez (D-NY) to the very conservative Rep. Chip Roy (R-TX) and the House Freedom Caucus.
