DearColleague.us

Letter

Raja Krishnamoorthi

From the office of:

Raja Krishnamoorthi

Sending Office: Honorable Raja Krishnamoorthi
Sent By:
Rachel.Sorensen@mail.house.gov

Current House Cosponsors: Krishnamoorthi, Ocasio-Cortez, Neguse, Blumenauer, Huffman

Dear Colleague,

We as members of Congress have been elected by the public to serve our constituents with respect, honor, and integrity.

But when elected officials use inside information for their financial benefit, they violate the public trust. While Members of Congress are bound by the STOCK Act, which prohibits lawmakers from using non-public information obtained as part of their official
duties to make money on the stock market, recent developments illustrate that Members of Congress can still sell and trade individual stocks while in office, an unethical and longstanding tradition that must be banned immediately.

That is why I, along with Reps. Alexandria Ocasio-Cortez (NY-14) and Joe Neguse (CO-02) recently introduced the Ban Conflicted Trading Act (H.R. 6401/S.1393), legislation which was also introduced by Senators Jeff Merkley (D-OR) and Sherrod Brown (D-OH).

The Ban Conflicted Trading Act prohibits Members of Congress and senior Congressional staff from buying or selling individual stocks and other investments while in office. Instead, Members of Congress can invest in widely held investments, such as diversified
mutual funds and exchange-traded funds. Additionally, Members of Congress may not serve as an officer or member of the board of any for-profit association or corporation, a practice that is prohibited by members of the U.S. Senate but still permitted for Representatives
in the U.S. House.

After enactment of the bill, sitting Members of Congress would have to sell individual holdings within six months. Alternatively, they may hold individual stocks until leaving Congress. New Members of Congress would have to sell individual holdings within
six months of taking office. On a case-by-case basis, Members can hold existing investments while in office if they are transferred into a blind trust.

Simply put, this bill ensures we as elected officials are not abusing our positions of power and violating public trust. 

I invite you to join us in cosponsoring this critical legislation. For additional information or to sign on, please email Rachel.sorensen@mail.house.gov.

Sincerely,

Raja Krishnamoorthi

Alexandria Ocasio-Cortez

Joe Neguse

Related Legislative Issues

Selected legislative information: Economy, Ethics and Standards, Government

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