Incoming US House members call on Democrat leaders to ban stock trading

WASHINGTON — Dozens of incoming U.S. House Democrats are urging party leaders to tackle a stock trading ban for lawmakers on the first day of the 120th Congress in January.

Just over 50 representatives-elect sent a letter Thursday to House Minority Leader Hakeem Jeffries, D-N.Y., Democratic Whip Katherine Clark, D-Mass., and other top House Democrats asking that the House adopt a rule barring House members and their spouses from owning and trading individual stocks.

“Democrats may have won the election, but we have a long way to go to earn back the trust of voters across the country. The existing laws around insider trading are insufficient. We should hold ourselves to the highest standard and work to restore faith in government. Nobody should leave Congress with millions more in their bank accounts,” according to the letter signed by 51 incoming House freshmen.

More than half of the new members who signed the letter flipped their seats from Republican to Democrat.

“A stock trading ban alone will not fix Washington, but it is the fastest way to show voters we heard them. This rule would be a down payment on much-needed reform to prevent elected and appointed government officials and their spouses from trading stocks. We promised our communities we would clean up this place. In January, we should do just that,” the one-page letter continued.

Those who signed the letter include newly elected members in Arizona, California, Colorado, Connecticut, Iowa, Illinois, Florida, Georgia, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Montana, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Wisconsin. 

The offices of Jeffries and Clark did not immediately respond to a request for a comment.

A stock trading ban for members of Congress has gained bipartisan support over several years. 

Thirteen House Democrats joined all Republicans in passing a stock trading ban in July, though the bill received significant criticism from Democrats who said it did not go far enough, and because House Republicans attached the bill to a voter ID measure.

Senate Democrats blocked the bill in September, solidly across party lines.