Congress hardly witnesses progressives and far-right Republicans coming together on anything, but three polarizing representatives are finding common ground over an unlikely but significant matter: congressional stock investments.
Reps. Alexandria Ocasio-Cortez (D-NY) of the Progressive Caucus, Matt Gaetz (R-FL) of the Freedom Caucus, and Rep. Brian Fitzpatrick (R-PA), co-chair of the bipartisan Problem Solvers Caucus, introduced the Bipartisan Restoring Faith in Government Act on Tuesday. Rep. Raja Krishnamoorthi (D-IL) has signed onto the bill as well.
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The bill, if passed, would prohibit members of Congress, their spouses, and their dependents from trading in stocks and making financial investments.
"The fact that Members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America," Fitzpatrick said in a statement. "We must move forward on issues that unite us, including our firm belief that trust in government must be restored."
Ocasio-Cortez said the ability of members of Congress to trade stock "erodes the public's trust in government."
"When Members have access to classified information, we should not be trading in the stock market on it. It's really that simple," Ocasio-Cortez said.
Ocasio-Cortez and Gaetz rarely agree on any measure, but Gaetz echoed Ocasio-Cortez's comments that as long as the public's concerns about "insider trading hang over the legislative process," Congress will never "regain the trust" of the United States.
"Members of Congress are spending their time trading futures instead of securing the futures of our fellow Americans," Gaetz said. "We cannot allow the Swamp to prioritize investing in stocks over investing in our country."
Fitzpatrick added that prohibiting members of Congress, who have access to "sensitive, inside information," from trading stocks is "basic common sense and basic Integrity 101."
"We all view this as a critical first step to return the House of Representatives back to the People," he added.
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A bipartisan group of 37 lawmakers, led by Reps. Adam Schiff (D-CA) and Abigail Spanberger (D-VA), introduced a similar bill in January called the TRUST in Congress Act.
Congress passed the STOCK Act in 2012, making it illegal for members of Congress to trade stocks based on their insider knowledge. However, as Congress does not have prosecutorial authority, Schiff and Spanberger's bill would put "certain investment assets into a qualified blind trust during their entire tenure in Congress, effectively banning them from trading individual stocks."