Rep. Magaziner leads legislation to ban Congress from trading stocks

December 10, 2024 10:57 pm

Cate Hanewich,

FILE - Rhode Island General Treasurer Seth Magaziner is photographed in his office in Providence, R.I., Feb. 7, 2022. Magaziner had been running for Rhode Island governor but switched races after Rep. Jim Langevin's retirement announcement to try to keep the seat in Democratic control. New Hampshire, Delaware and Rhode Island will hold their primaries on Tuesday, Sept. 13. (David Goldman - staff, AP)

WASHINGTON, D.C. — United States Representative Seth Magaziner announced Tuesday that he will be taking on the role of lead sponsor of the bipartisan TRUST in Congress Act.

If passed, the TRUST in Congress Act would ban Members of Congress, their spouses, and dependent children from trading individual stocks during their tenure in Congress.

“Our job is to serve the American people, not ourselves — and banning Members of Congress from trading stocks is a crucial step toward restoring accountability in Congress,” said Rep. Magaziner.

A spokesperson for Magaziner said the TRUST in Congress Act would prevent the Members of Congress from using their access to confidential information to influence both investment decisions and the value of their own investments.

In July 2020, Representatives Abigail Spanberger and Chip Roy introduced the bill, which was reintroduced in 2021 and 2023.

“As Members of Congress, we receive sensitive briefings and take votes that move markets, making it crucial that we do not use these privileges for personal financial gain,” said Rep. Spanberger.

Magaziner will be joining Rep. Roy as the bill’s co-lead, taking over Rep. Spanberger’s position in response to her retirement.

“The American people should have faith that Congress is at work for the good of the country, not for their own bank accounts. For years I have been working to address the problem of stock trading in Congress, first introducing the bipartisan TRUST in Congress Act with Rep. Spanberger back in 2020. Now that Abigail is retiring, I am looking forward to working with Rep. Magaziner to get this commonsense legislation across the finish line,” said Rep. Roy.