Pelosi and Schumer signal support for banning individual stock trades by Congress
CBSNov 02, 2021
The Facts
US representatives Abigail Spanberger (D-Va.) and Chip Roy (R-Texas) have reintroduced the bipartisan "TRUST in Congress Act." It requires members of Congress, their spouses, and dependent children to place designated investment assets into a blind trust while the representative is serving in public office.
The so-called "Transparent Representation Upholding Service in Congress Act" was originally proposed in 2020. Democrat Spanberger has argued the bill would prevent insider trading and rebuild public confidence in elected officials.
The Spin
Pro-establishment narrative
The issue of how to prevent members of Congress from profiting from their positions in an improper manner has long existed. Lawmakers can obsess about money once they leave office. But while serving, they must stay focused purely on public interest and prove to their constituents that they are not self-serving.
Establishment-critical narrative
Given the continual violations of the previous so-called "Stock Act," it is unlikely that the TRUST in Congress Act would be effectively enforced. The current link between politicians and corporate interests is too strong, and for real change to occur, seismic changes in the political system must be made. Corporate greed has infected every ounce of American politics.
