Support the Restore Trust in Congress Act to Ban Congressional Stock Ownership

I am writing to urge you to support the Restore Trust in Congress Act, bipartisan legislation introduced by Senators Ashley Moody and Kirsten Gillibrand that would ban members of Congress and their immediate family members from owning and trading individual stocks. This bill has strong momentum, with companion legislation in the House introduced by Representatives Chip Roy and Seth Magaziner that has garnered 126 cosponsors and a discharge petition signed by 79 representatives from both parties. The current STOCK Act, passed in 2012, prohibits members of Congress from using insider information for stock trades. However, this has proven insufficient. Between 2019 and 2021, one in three members of Congress traded stocks or other financial assets, with at least 3,700 of those trades posing potential conflicts of interest with their legislative responsibilities. The problem is not just illegal insider trading but the inherent conflict of interest that exists when legislators hold individual stocks in companies they regulate and oversee. The Restore Trust in Congress Act addresses this fundamental issue by prohibiting ownership entirely, not just trading based on insider information. Members would be required to divest prohibited assets within 180 days of enactment, with future members given 90 days from swearing-in. The legislation allows for diversified investments like mutual funds and ETFs, ensuring members can still plan for retirement without creating conflicts of interest. Violations would result in a fine equal to 10% of the asset's value, with profits disgorged to the Treasury. This reform has overwhelming public support, with 86% of Americans backing a ban on congressional stock trading. The American people deserve representatives whose legislative decisions are guided solely by constituent welfare and national interest, not personal financial gain. I urge you to cosponsor and vote for the Restore Trust in Congress Act to restore public trust in our democratic institutions.