The conversation surrounding congressional stock trading still swirls.
Members of Congress, as things currently stand, are permitted to buy and sell stocks. Federal law prohibits them from using “nonpublic information derived from their official positions for personal benefit”, and they are required to disclose any trades they make.
Recently, Representative Rob Bresnahan, a freshman Republican representing Pennsylvania’s 8th Congressional District, introduced the Transparency in Representation through Uniform Stock Trading Ban (TRUST) Act.
The introduction came after a report on Bresnahan’s trading habits.
The TRUST Act would ban stock trading for Members of Congress – a pillar of Bresnahan’s campaign for office.
“The public should never have to question whether their elected officials are serving the public or their own portfolios. I am introducing the TRUST Act to restore the integrity Americans expect and deserve from their government. This legislation allows for new levels of transparency and is a safeguard to ensure Washington works for the people,” Bresnahan said.
The TRUST Act would apply to Members of Congress and their spouses. If enacted, the TRUST Act would take effect at the start of the 120th Congress in January of 2027.
To comply with the TRUST Act, Bresnahan announced that 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. 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.”
Spokesperson Hannah Pope said, “Rep. Bresnahan does not trade his own stocks, he has a financial advisor like millions of Americans.”
The introduction of the legislation by Bresnahan comes after several Members of Congress have faced accusations of insider trading, including Representative Marjorie Taylor-Greene and Representative Jefferson Shreve.
President Trump and House Minority Leader Hakeem Jeffries have both expressed their support of such legislation.
On Wednesday, Speaker Mike Johnson voiced his support for a ban on Members trading individual stocks.
“I’m in favor of that because I don’t think we should have any appearance of impropriety here,” Speaker Johnson said. Bresnahan’s bill has been referred to the Committee on House Administration.
