Latest news with #TrustinCongressAct
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
Yahoo
09-05-2025
- Business
- Yahoo
Johnson ‘open to the conversation' about banning stock trades
Speaker Mike Johnson (R-La.) is open to considering a ban on stock trades for members of Congress. The idea has been heavily floated by Democratic lawmakers including former House Speaker Nancy Pelosi (Calif.) and House Minority Leader Hakeem Jeffries (N.Y.). 'There's probably a reason that the bill hasn't moved in all those years because there's never been a consensus built around it. But, I mean, I'm open to the conversation,' Johnson told NPR in an article published Tuesday. 'I don't trade stocks,' he added. Days before President Trump's January inauguration, a bipartisan group of lawmakers sought to prohibit members of Congress, their spouses and dependent children from trading individual stocks during their time in Congress through the Trust in Congress Act. Reps. Dusty Johnson (R-S.D.), Chip Roy (R-Texas) and Seth Magaziner (D-R.I.) supported the measure. 'Most Americans agree that congressmen should be banned from buying stocks,' Dusty Johnson said of the effort. 'As members of Congress, we may have access to information regarding companies and markets, and we absolutely should not have the ability to use this information for personal gain.' Members of Congress are already banned from acting on insider information by federal law. The STOCK Act signed into law in 2012 also requires members to report their stock trades within 30 days. But ethics advocates have said there are no real punishments for bypassing the rules. The penalty for a violation is $200, and no member has ever been prosecuted for violations. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
09-05-2025
- Business
- The Hill
Johnson ‘open to the conversation' about banning stock trades
Speaker Mike Johnson (R-La.) is open to considering a ban on stock trades for members of Congress. The idea has been heavily floated by Democratic lawmakers including former House Speaker Nancy Pelosi (D-Calif.) and House Minority Leader Hakeem Jeffries (D-N.Y.). 'There's probably a reason that the bill hasn't moved in all those years because there's never been a consensus built around it. But, I mean, I'm open to the conversation,' Johnson told NPR in an article published Tuesday. 'I don't trade stocks,' he added. Days before President Trump's January inauguration, a bipartisan group of lawmakers sought to prohibit members of Congress, their spouses, and dependent children from trading individual stocks during their time in Congress through the Trust in Congress Act. Reps. Dusty Johnson (R-S.D.), Chip Roy (R-Texas) and Seth Magaziner (D-R.I.) supported the measure. 'Most Americans agree that congressmen should be banned from buying stocks,' Johnson said of the effort. 'As members of Congress, we may have access to information regarding companies and markets, and we absolutely should not have the ability to use this information for personal gain.' Members of Congress are already banned from acting on insider information by federal law. The STOCK Act signed into law in 2012 also requires members to report their stock trades within 30 days. But ethics advocates have said there are no real punishments for bypassing the rules. The penalty for a violation is $200, and no member has ever been prosecuted for violations.
Los Angeles Times
11-04-2025
- Business
- Los Angeles Times
Rep. Marjorie Taylor Greene bought stocks hit hard by Trump tariffs during the market meltdown
NEW YORK — As stocks tanked on tariff fears, Marjorie Taylor Greene showed her faith in the president not just with words but dollar bills. The Republican congresswoman, an avid supporter of the Trump administration's trade policies, not only bought stocks last week as others dumped them in a panic — she scooped up some of the biggest losers. Lululemon, Dell Computer, Amazon, the parent of Restoration Hardware and a few others hit hard by Trump's tariff threats were down 40% on average late last week when she pounced. Data from a required three-page financial holdings document doesn't disclose exactly how much she paid for the stocks, only ranges and dates. But however much she spent, some of her bets are working out so far, at least as of Wednesday's close. RH, formerly called Restoration Hardware, is Greene's clear winner. It jumped more than a third since Friday's close when she bought it after a stunning collapse in price that shook even the head of the furniture retailer. 'Oh, s—!,' said RH CEO Gary Friedman in a conference call last week as the stock plunged. Dell has jumped 9% since Greene bought the stock last week after it had lost more than half its value. Lawmakers from both major parties have proposed bills banning members from stock trading because of the apparent conflict of interest in owning shares of companies they can heavily influence with positions they can take in office. But none of the clunkily named bills — The Transparent Representation Upholding Service and Trust in Congress Act, for instance — has been passed. A new bill, The End Congressional Stock Trading Act, was proposed last month. Asked whether she made the stock purchases herself and about possible conflicts of interest, Greene said in a statement: 'I have signed a fiduciary agreement to allow my financial advisor to control my investments. All of my investments are reported with full transparency.' The MAGA supporter has been outspoken in her support of Trump's tariffs. 'Tariffs are a powerful proven source of leverage to protect our national interests,' she posted on X earlier this year, adding 'We will win this trade war.' Investors are not completely convinced. After surging on Wednesday when Trump called a partial halt to the import taxes, stocks were heading down again Thursday. Condon writes for the Associated Press.
Boston Globe
11-04-2025
- Business
- Boston Globe
Representative Marjorie Taylor Greene bought stocks hit hard by Trump tariffs during the market meltdown
Data from a required three-page financial holdings document doesn't disclose exactly how much she paid for the stocks, only ranges and dates. But however much she spent, some of her bets are working out so far, at least as of Wednesday's close. Advertisement RH, formerly called Restoration Hardware, is Greene's clear winner. It jumped more than a third since since Friday's close when she bought it after a stunning collapse in price that shook even the head of the furniture retailer. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'Oh, sh…!,' said RH CEO Gary Friedman in a conference call last week as the stock plunged. Dell has jumped 9% since Greene bought the stock last week after it had lost more than half its value. Lawmakers from both major parties have proposed bills banning members from stock trading because of the apparent conflict of interest in owning shares of companies they can heavily influence with positions they can take in office. But none of the clunkily named bills -- The Transparent Representation Upholding Service and Trust in Congress Act, for instance -- has been passed. A new bill, The End Congressional Stock Trading Act, was proposed last month. Advertisement Asked whether she made the stock purchases herself and about possible conflicts of interest, Greene said in a statement: 'I have signed a fiduciary agreement to allow my financial advisor to control my investments. All of my investments are reported with full transparency.' The MAGA supporter has been outspoken in her support of Trump's tariffs. 'Tariffs are a powerful proven source of leverage to protect our national interests,' she posted on X earlier this year, adding 'We will win this trade war.' Investors are not completely convinced. After surging on Wednesday when Trump called a partial halt to the import taxes, stocks were heading down again Thursday.
