Rep. Bresnahan introduces legislation to ban stock trades
May 3—WILKES-BARRE — U.S. Rep. Rob Bresnahan Jr. said this week the public should never have to question whether their elected officials are serving the public or their own portfolios.
Bresnahan, R-Dallas Township, announced his introduction of the Transparency in Representation through Uniform Stock Trading Ban (TRUST) Act — legislation to ban stock trading for Members of Congress.
Rep. Bresnahan said the TRUST Act would bar Members of Congress and their spouses from purchasing or selling stocks upon taking office.
"I am introducing the TRUST Act to restore the integrity Americans expect and deserve from their government," Rep. Bresnahan said. "This legislation allows for new levels of transparency and is a safeguard to ensure Washington works for the people."
If enacted, Rep. Bresnahan said the legislation would go into effect at the start of the 120th Congress in January 2027.
To comply with his new legislation, Rep. Bresnahan said he is working with the House Committee on Ethics to move his personal holdings into a blind trust.
"Members of Congress should not be allowed to profit off the information they are entrusted with — this is a belief I have held since before taking office, and this belief has not changed," Rep. Bresnahan said. "I have never traded my own stocks, but I want to guarantee accountability to my constituents. That is why I am working with House Ethics to begin the process of enacting a blind trust. I want the people I represent to trust that I am in Congress to serve them, and them alone."
According to Rep. Bresnahan, the TRUST Act would:
—Apply to members and their spouses.
—Require that, upon assuming office, members and their spouses may not purchase or sell covered financial instruments, including a security, security future, commodity, and other comparable economic interests (derivative, options, warrants, etc.)
—Require that, upon assuming office, members and their spouses would only be allowed to purchase, hold, and sell diversified mutual funds, diversified ETFs, investments in the Thrift Savings Plan (TSP), and US Treasuries.
—Subject Members who purchase or sell a covered financial instrument while in office to fines and penalties.
Rep. Bresnahan said the legislation would not require members and their spouses to divest of existing covered financial instruments — any covered financial instrument a member and their spouse own upon assuming office are grandfathered in.
Additionally, he said the legislation would not apply to covered financial instruments held in a qualified blind trust.
Reach Bill O'Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.
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