Bipartisan Restoring Faith in Government Act: Take Two
“They think people are stupid” - Representative Ocasio-Cortez calls out insider trading by Members of Congress
[Images courtesy of the Members]
Recently, on The Weekly Show Podcast with Jon Stewart, Representative Alexandria Ocasio-Cortez (D-N.Y.) joined Jon Stewart to discuss a variety of topics. Of greatest interest to us, she again spoke out on the issue of Congressional stock trading—a pervasive, bipartisan problem. This practice fosters, at best, the perception of conflicts of interest and insider trading, at worst, actual conflicts of interest and associated criminal behavior.
Representative Ocasio-Cortez called out insider trading in Congress and emphasized the need for “Democrats to walk the walk”—a standard she appears to represent. Indeed, a financial startup group called Unusual Whales has tracked how Congressional members from both sides of the aisle have outperformed the S&P 500 and other benchmarks raising conflict of interest concerns. Specifically, their study found that Democrat party member portfolios increased by 31% while Republican party member portfolios increased by 26% last year.
Unlike many of her colleagues, Ocasio-Cortez’ recent Financial Disclosure Report reveals that she remains one of the least wealthy members of Congress, reporting only a checking account, a savings account, a brokerage account with no more than $1,000, and a modest 401(k) from her previous employment. Notably, unlike many of her peers, Representative Ocasio-Cortez has not filed any periodic transaction reports during her tenure. In fact, after five years in office, she may be one of the few members of Congress whose net worth has actually decreased.
[Win McNamee/Getty Images]
Ocasio-Cortez has consistently spoken out against Congressional stock trading (AOC: 'No mystery' why it's hard to ban lawmaker stock trading)). In May 2023, she led a bipartisan coalition with Representative Matt Gaetz (R-Fla.), to introduce the “Bipartisan Restoring Faith in Government Act,” which would prohibit members of Congress, their spouses, and dependents from owning or trading individual stocks. Although the bill stalled, it was reintroduced this month in the 119th Congress by Ocasio-Cortez along with Representatives Brian Fitzpatrick (R-Pa.), Cory Mills (R-Fla.), and Raja Krishnamoorthi (D-Ill.). As claimed by the bill’s sponsors, 86% of Americans favor banning stock trading by members of Congress and their families, including: 87% of Republicans, 88% of Democrats, and 81% of Independents.
We will stay tuned to see how this bill progresses during the 119th Congress. In the meantime, you can read the full text of the bill here.
