Rep. Jared Golden (D-Maine) is once again throwing his weight behind a Republican-led effort to bar Congress members from trading stocks, after Rep. Chip Roy (R-Tex.) reintroduced the TRUST in Congress Act on Tuesday.
[RELATED: Golden Calls For Ban on Politicians Trading Stocks…]
“As lawmakers our priority should be serving our constituents — not leveraging our position to game the stock market,” said Rep. Golden on X.
I’m helping reintroduce a bill to ban congressional stock trading because the practice is more than just a bad look—it undermines the meaning of public service,” he added.
Golden will serve as one of the many co-sponsors of Roy’s reintroduced bill, first introduced in 2020.
The bill requires that all members of Congress, along with their spouses and dependents, surrender control of all their investments to a blind trust.
The blind trust would prevent Congress members and their families from trading stocks with potential insider knowledge while continuing to allow them to invest.
A blind trust gives sole authority over a person’s investments to a trustee, who will then make investment decisions on behalf of their client, while maintaining a separation from them.
The congress member entrusting the investments to the trustee will receive no reports from them and can make no decisions regarding investments other than to terminate the blind trust agreement.
Blind trusts are often used in situations where a conflict of interest or potential insider trading could arise if someone were to invest their own money.
“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,” said Rep. Roy.
Golden spearheaded a bipartisan effort last summer to encourage Speaker of the House Mike Johnson (R-La.) to bring a congressional stock trading ban to a vote.
That letter highlighted years of suspicious trades among Congress members, including 97 members between 2019 and 2021 who traded in companies directly impacted by their committee assignments.
Rep. Nancy Pelosi (D-Calif.) has long been a target for suspicion, with her portfolio including suspiciously timed trades in NVIDIA stocks, immediately surrounding legislative actions affecting the semiconductor giant.
At the time of the letter’s publication in July, Golden claimed that approximately 86 percent of Americans support a ban on congressional stock trading.
Despite public support, a ban will likely have a difficult time passing through Congress, as it requires Congress members to vote against their own ability to make money.
Look out there Jared .
Chellie Pingreee is gonna be REALLY pissed at you !
Jared buddy , I am impressed .
You have voted on the right side of THIS issue . Thank You .
Maine voters don’t expect their elected representatives to profit from their inside information on any number of issues .
Your pal Chellie Pingree is however , on the wrong side of this and we WILL NOT FORGET .
Golden One
Pingree. Zero
Keep up the good work !
The 1st district congress lady will not like you. You may become a Republican before King!
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If it were summer it would be OOB.
An easy vote since the bill will not pass, he has done this trick before, they all do it. Any idea how much his net worth has increased since being in DC?
Just try to get the congressional thuggery to vote away their ability to cheat the hardworking American taxpayer. Show us your porfolio.
I have read that major league players of all sports are not allowed to bet on the out come of the games in which they play and whose score they can thus control. Should not the same apply to all legislators at the National and State Level. Wonder how much stock the Mills Family members own in gambling and pot businesses?
Many are getting filthy rich as public servants. Great that Golden is supporting this bill but will other Republicans or democrats be willing to vote away their cash cow. Why do I doubt it will even come close to passing?
It’s public knowledge how rich the Pingrees of congress have become yet their liberal cohorts keep voting her and others into office. Yet they want to tax the rich which actually ends up costing the average citizen as the rich raise their companies prices to cover the taxes.
On second thought this bill will only change the game from the elected official getting rich to a family member or an associate doing the trading. If many of our leaders continue to be unprincipled they will do what Biden and others have done through their careers and that’s enriching friends and especially family members.
This bill is actually fluff for appearances. That’s why Golden is a co sponsor. Politically it looks good in a Republican district.
Dear Readers , How big a kink would this put in Suzie Collins GRIFT ? Me thinks she would vote nay on this bill .
How do they plan on enforcing that, I wonder.
Reason for his flip? Golden is looking to run for Governor next time out.
Chelli aka Rochelle Johnson Pingree will NEVER agree or vote for this.