New legislation co-sponsored by Congressman Dan Kildee (D-Flint) would ban congress from using their positions of power to influence personal stock trades.
Titled the Transparent Representation Upholding Service and Trust (TRUST) in Congress Act; the move would ban members of Congress, their spouses, and their dependents from trading stocks while in office.
Members of Congress and their families would be required to place their stock portfolios into blind trusts within 90 days of the act’s approval, ensuring they cannot use inside information to influence their personal stock trades to make a profit.
Congressman Kildee says Serving as a Member of Congress is a privilege, and that Elected officials should not be using their positions of power to make stock trades and enrich themselves.
In a call to WSGW, Kildee added that the move is supported by both Conservatives and Liberals in Congress which could help to restore a bit of trust in Government by making sure elected officials serve in the public’s best interest- rather than just to make money.
If violated, officials could be fined in the amount of their entire congressional salary.
For a look at the full news release shared by Congressman Kildee’s office Click Here: Kildee Introduces Bill to Ban Stock Trading by Members of Congress