Democracy 21 Joins With CREW And 18 Other National Groups To Urge Congress To Pass Legislation Prohibiting Members From Owning Stocks, Bonds
Twenty national good government organizations, including CREW and Democracy 21, joined together to urge Congress to pass legislation that would prohibit Members of Congress from owning or trading individual stocks, bonds, or similar financial instruments.
“Our country is at an inflection point: the reports of Members’ suspicious stock trades at the beginning of the pandemic and the routine and bipartisan failures to comply with the STOCK Act have severely harmed public confidence in Congress,” the groups wrote in a letter to Congress. “This crisis of institutional legitimacy requires a swift and comprehensive response. We therefore urge you to pass legislation that addresses the full scope of the problem by eliminating a significant source of potential conflicts for Members.”
The letter detailed essential provisions that must be included in the legislation, including:
- A blanket ban on trading or owning individual stocks and similar financial assets;
- A provision extending the ban to spouses and dependent children of Members; and
- An enforcement mechanism that is both clear enough that Members understand precisely what will happen should they violate the act, and significant enough to serve as a functional deterrent.
“Our democracy is facing the largest crisis of public trust in a generation,” the groups wrote. “Thankfully, you now have in your hands the tools to rebuild trust in our government and a mandate to use them.”
Read the full letter to Congress here.
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