Latest news with #TRUSTinCongressAct
Yahoo
02-06-2025
- Business
- Yahoo
He said he'd ban stock trading in Congress. He's made more than 530 trades since taking office.
On the campaign trail, Rep. Rob Bresnahan said he'd push to ban stock trading in Congress. He's traded more than 530 times in office. 40 of those trades were made after he said he'd set up a blind trust. Rep. Rob Bresnahan said he would ban stock trading when he got to Congress. Since the Pennsylvania Republican took office in January, he's traded securities at least 530 times. Forty of those trades, worth at least $166,000, were made after May 6, when he announced that he would move his assets into a blind trust. Business Insider reviewed 11 periodic transaction reports that Bresnahan has filed since January. His investments run the gamut, from tech companies like Meta and Alphabet to energy companies like ExxonMobil and ConocoPhillips. Like fellow Republican Rep. Marjorie Taylor Greene of Georgia, Bresnahan has said that he does not make those trades himself and that his portfolio is managed by an outside third party. Bresnahan has apparently continued to allow that advisor to make trades on his behalf, even after his trades began to draw significant media scrutiny two months ago. "As we've said repeatedly, Rob has no involvement in the stock trades made by his financial advisor," Hannah Pope, a spokeswoman for Bresnahan, told BI. "He's in the process of finalizing a blind trust which requires sign-off from the House Ethics Committee." In March 2021, Bresnahan penned an op-ed in a local paper stating that if elected, he would co-sponsor legislation to ban stock trading in Congress. "Some of the most prolific traders in the country serve in Congress," Bresnahan wrote. "Whether or not they have done something wrong, the idea that we can buy and sell stocks while voting on legislation that will have a direct impact on these companies is wrong and needs to come to an end immediately." The Pennsylvania Republican has emerged as one of the House's most prolific traders. After the New York Times first reported on Bresnahan's trades, his office said he would introduce his own bill instead. One month later, he did, introducing the "TRUST Act," a name that sounded similar to an existing stock ban bill, the TRUST in Congress Act. "I think his staff should learn how to Google," Rep. Chip Roy, the GOP cosponsor of that bill, told NOTUS. At the same time, Bresnahan said he would establish a blind trust. "I have never traded my own stocks, but I want to guarantee accountability to my constituents," the congressman said in a May 6 press release. "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." While the details of each blind trust is different, they generally allow individuals to retain the value of their assets, but they relinquish control over investment decisions to a third party. They also do not receive information about the contents of the trust until it is terminated. Bresnahan isn't the only lawmaker who continues to trade stocks despite backing a stock trading ban. He's also not the only lawmaker who has continued to trade despite announcing plans for a blind trust. In February 2022, Democratic Rep. Josh Gottheimer of New Jersey announced that he would set up a blind trust. Three years later, that still hasn't happened, and spokesman Tony Wen told BI on Monday that the congressman is still "awaiting approval" from the relevant ethics officials in Congress. "In the meantime, he has taken the extra step of setting up an independent trust," Wen said. Additionally, Republican Rep. Tom Kean of New Jersey announced just before he took office in January 2023 that he would be placing his assets into a blind trust. The congressman still has not disclosed doing so, and his office did not respond to a request for comment. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
He said he'd ban stock trading in Congress. He's made more than 530 trades since taking office.
On the campaign trail, Rep. Rob Bresnahan said he'd push to ban stock trading in Congress. He's traded more than 530 times in office. 40 of those trades were made after he said he'd set up a blind trust. Rep. Rob Bresnahan said he would ban stock trading when he got to Congress. Since the Pennsylvania Republican took office in January, he's traded securities at least 530 times. Forty of those trades, worth at least $166,000, were made after May 6, when he announced that he would move his assets into a blind trust. Business Insider reviewed 11 periodic transaction reports that Bresnahan has filed since January. His investments run the gamut, from tech companies like Meta and Alphabet to energy companies like ExxonMobil and ConocoPhillips. Like fellow Republican Rep. Marjorie Taylor Greene of Georgia, Bresnahan has said that he does not make those trades himself and that his portfolio is managed by an outside third party. Bresnahan has apparently continued to allow that advisor to make trades on his behalf, even after his trades began to draw significant media scrutiny two months ago. "As we've said repeatedly, Rob has no involvement in the stock trades made by his financial advisor," Hannah Pope, a spokeswoman for Bresnahan, told BI. "He's in the process of finalizing a blind trust which requires sign-off from the House Ethics Committee." In March 2021, Bresnahan penned an op-ed in a local paper stating that if elected, he would co-sponsor legislation to ban stock trading in Congress. "Some of the most prolific traders in the country serve in Congress," Bresnahan wrote. "Whether or not they have done something wrong, the idea that we can buy and sell stocks while voting on legislation that will have a direct impact on these companies is wrong and needs to come to an end immediately." The Pennsylvania Republican has emerged as one of the House's most prolific traders. After the New York Times first reported on Bresnahan's trades, his office said he would introduce his own bill instead. One month later, he did, introducing the "TRUST Act," a name that sounded similar to an existing stock ban bill, the TRUST in Congress Act. "I think his staff should learn how to Google," Rep. Chip Roy, the GOP cosponsor of that bill, told NOTUS. At the same time, Bresnahan said he would establish a blind trust. "I have never traded my own stocks, but I want to guarantee accountability to my constituents," the congressman said in a May 6 press release. "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." While the details of each blind trust is different, they generally allow individuals to retain the value of their assets, but they relinquish control over investment decisions to a third party. They also do not receive information about the contents of the trust until it is terminated. Bresnahan isn't the only lawmaker who continues to trade stocks despite backing a stock trading ban. He's also not the only lawmaker who has continued to trade despite announcing plans for a blind trust. In February 2022, Democratic Rep. Josh Gottheimer of New Jersey announced that he would set up a blind trust. Three years later, that still hasn't happened, and spokesman Tony Wen told BI on Monday that the congressman is still "awaiting approval" from the relevant ethics officials in Congress. "In the meantime, he has taken the extra step of setting up an independent trust," Wen said. Additionally, Republican Rep. Tom Kean of New Jersey announced just before he took office in January 2023 that he would be placing his assets into a blind trust. The congressman still has not disclosed doing so, and his office did not respond to a request for comment. Read the original article on Business Insider
Business Insider
02-06-2025
- Business
- Business Insider
He said he'd ban stock trading in Congress. He's made more than 530 trades since taking office.
Rep. Rob Bresnahan said he would ban stock trading when he got to Congress. Since the Pennsylvania Republican took office in January, he's traded securities at least 530 times. Forty of those trades, worth at least $166,000, were made after May 6, when he announced that he would move his assets into a blind trust. Business Insider reviewed 11 periodic transaction reports that Bresnahan has filed since January. His investments run the gamut, from tech companies like Meta and Alphabet to energy companies like ExxonMobil and ConocoPhillips. Like fellow Republican Rep. Marjorie Taylor Greene of Georgia, Bresnahan has said that he does not make those trades himself and that his portfolio is managed by an outside third party. Bresnahan has apparently continued to allow that advisor to make trades on his behalf, even after his trades began to draw significant media scrutiny two months ago. "As we've said repeatedly, Rob has no involvement in the stock trades made by his financial advisor," Hannah Pope, a spokeswoman for Bresnahan, told BI. "He's in the process of finalizing a blind trust which requires sign-off from the House Ethics Committee." In March 2021, Bresnahan penned an op-ed in a local paper stating that if elected, he would co-sponsor legislation to ban stock trading in Congress. "Some of the most prolific traders in the country serve in Congress," Bresnahan wrote. "Whether or not they have done something wrong, the idea that we can buy and sell stocks while voting on legislation that will have a direct impact on these companies is wrong and needs to come to an end immediately." The Pennsylvania Republican has emerged as one of the House's most prolific traders. After the New York Times first reported on Bresnahan's trades, his office said he would introduce his own bill instead. One month later, he did, introducing the "TRUST Act," a name that sounded similar to an existing stock ban bill, the TRUST in Congress Act. "I think his staff should learn how to Google," Rep. Chip Roy, the GOP cosponsor of that bill, told NOTUS. At the same time, Bresnahan said he would establish a blind trust. "I have never traded my own stocks, but I want to guarantee accountability to my constituents," the congressman said in a May 6 press release. "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." While the details of each blind trust is different, they generally allow individuals to retain the value of their assets, but they relinquish control over investment decisions to a third party. They also do not receive information about the contents of the trust until it is terminated. Bresnahan isn't the only lawmaker who continues to trade stocks despite backing a stock trading ban. He's also not the only lawmaker who has continued to trade despite announcing plans for a blind trust. In February 2022, Democratic Rep. Josh Gottheimer of New Jersey announced that he would set up a blind trust. Three years later, that still hasn't happened, and spokesman Tony Wen told BI on Monday that the congressman is still "awaiting approval" from the relevant ethics officials in Congress. "In the meantime, he has taken the extra step of setting up an independent trust," Wen said. Additionally, Republican Rep. Tom Kean of New Jersey announced just before he took office in January 2023 that he would be placing his assets into a blind trust. The congressman still has not disclosed doing so, and his office did not respond to a request for comment.
Yahoo
02-06-2025
- Business
- Yahoo
Landsman: It's time to ban stock trading in Congress and rebuild public trust
My wife and I just sold every single one of our individual stocks. We did so because we know that public trust is essential, and yet so many no longer trust their government. This is the same reason I advocated for the establishment of the first-ever Office of Good Government at Cincinnati City Hall several years ago. Public trust in government has been low for years, with only 22% of Americans agreeing elected officials are working in their best interest. But few issues unite people like this one − more than 80% of Americans think members of Congress shouldn't be trading stocks. 'It was a mistake': What to know about U.S. Rep. Greg Landsman stock trades Some lawmakers have used insider information to gain financially and have been convicted in the past. It's wrong, and with reforms, we can fix this and begin to rebuild trust. In Congress, I'm leading this effort by cosponsoring the bipartisan Transparent Representation Upholding Service and Trust (TRUST) in Congress Act. The TRUST in Congress Act is designed to end insider trading and requires members of Congress, as well as their spouses and dependent children, to either divest from individual stocks or place their investments in an arrangement where they have no knowledge of or control over how the assets are managed. While the Trust in Congress Act is not yet law, I made the decision to become fully compliant with the legislation because of how important this is. Earlier this year, my wife and I started the long process of selling every single one of our individual stocks and reinvesting them in mutual and exchange-traded funds that we do not control. I'm likely one of the first members of Congress to do this, but hopefully others follow our lead. It was an expensive process, but the right thing to do. I know Americans see a system that's broken, and I'm determined to be part of the generation that fixes it. Opinion: Landsman needs to explain why he failed to disclose stock trades There's been renewed momentum this year around banning stock trading in Congress, but the bill has not been voted on yet. Instead, Congress has been focused almost entirely on a budget bill that gives tax breaks to the super wealthy and big corporate investors at the expense of everyone else. More than 14 million Americans will lose health care, and millions more will lose food assistance. Plus, this budget would add trillions to the deficit. This kind of budget bill could be a reason why nearly 80% of Americans lack trust in their government. Members of Congress continuing to trade stocks doesn't help. I do believe we can restore faith in politics and government by making it clear we only work for you. Getting members of Congress out of the stock-trading business − and free from the influence of big money interests − will be a big part of the solution. I want every one of my constituents to know that my focus is entirely on serving them. That's why I'm not only leading on these reforms but practicing what I preach. I want other members of Congress to see what we did and follow our lead − and to join me in passing the Trust in Congress Act. U.S. Rep. Greg Landsman, a Democrat, represents Ohio's 1st Congressional House District and is a former Cincinnati councilman. He has traveled to Israel and the Middle East over a dozen times, including four times in his first term as a member of Congress. Landsman also worked in Israel from 2015 to 2020, before becoming a member of Congress, supporting philanthropic efforts. This article originally appeared on Cincinnati Enquirer: Trust in Congress Act would ban stock trading in Congress | Opinion
Business Insider
15-05-2025
- Business
- Business Insider
GOP congressman calls out Marjorie Taylor Greene's stock trades
First, it was Democrats who made a big deal out of Rep. Marjorie Taylor Greene's stock trading habits. Now, a fellow Republican is joining in. "Just another reason why stock trading by members of Congress or their spouses should be banned," Rep. Mike Lawler of New York wrote on X in response to a post showing that one of the Georgia congresswoman's recent stock purchases had paid off. Lawler, who does not own any individual stocks, is a co-sponsor of the TRUST in Congress Act, a bill to require lawmakers and their spouses to divest from stocks or place them in a blind trust. Just another reason why stock trading by members of Congress or their spouses should be banned. The appearance of impropriety, or worse, is too great. — Mike Lawler (@lawler4ny) May 15, 2025 Greene has attracted scrutiny in recent weeks for a series of well-timed trades she made around President Donald Trump's tariff moves in early April. When stock prices began to fall after the April 2 "Liberation Day" announcement, Greene began investing tens of thousands of dollars into a variety of stocks, continuing to do so right up until stock prices shot back up after Trump announced that most of those tariffs would be paused for 90 days. The congresswoman has said that her stock portfolio is managed by an outside financial advisor. "All of my investments are reported with full transparency. I refuse to hide my stock trades in a blind trust like many others do," the congressman said in a statement previously shared with BI. "Since my portfolio manager makes my trades for me, I usually find out about them when the media asks." She's not the only lawmaker who bought the dip: Democratic Rep. Jared Moskowitz of Florida did as well. But Democrats have suggested that Greene, a close Trump ally, may have been aware of Trump's tariff moves ahead of time. The congresswoman has denied that. Lawler's post came on the heels of a feud between the two lawmakers that began on Wednesday, when Greene denounced the New York congressman for opposing Republicans' "Big Beautiful Bill" over a tax provision.
