Stock Trading Ban for Members of Congress

Floor Speech

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Mr. BURCHETT. Mr. Speaker, I thank the gentleman for yielding to me. I thank him for taking this bull by the horns.

Mr. Speaker, as I have heard some of the good ol' boys say: It is cold in here. Maybe we need to start cutting some hogs.

If you know what that means, you know what that means.

Mr. Speaker, I rise to address this body on the issue of stock trading by Members of Congress. We are public servants and stewards of our community. Why does Congress think we are above the law?

For years, Members of Congress have gotten rich on the backs of hardworking Americans' taxpayer money. Members sit on committees and go to private briefings where they get privileged information from companies informing us if the stock price will skyrocket or plunge.

We appropriate money to different economic sectors that may benefit our own portfolios, and who gets the short end of the stick? Hardworking, red-blooded Americans.

That is why I introduced the End Congressional Stock Trading Act to level the playing field and restore public trust in Congress. Every time I go back to east Tennessee, I get asked by my constituents: Tim, why hasn't Congress done anything to stop this?

My answer is simple. It says in my notes that Congress doesn't have the stomach--but the reality is we don't have the guts, Mr. Speaker--to sacrifice their own bottom line for the good of the country. I hope I am surprised, and I hope that Congress takes action. I doubt we will, seriously.

Mr. Speaker, we are public servants. We serve the people who we represent. We aren't elected to come up to Washington and get rich while our constituents oftentimes struggle to make ends meet.

I am here to serve the least amongst us and try my dadgum hardest to make the lives of east Tennesseans better, Mr. Speaker. I don't sell stocks. I have a mutual fund. I talked to my broker today, Tommy Siler, and I am proud to say that I have recovered from any losses, and I am almost at $11,000 with my mutual fund. Mainly, I trade baseball cards and comic books on eBay, and that is currently my portfolio.

President Trump said that if my colleagues pass the bill banning stock trading for Members of Congress, he would sign it. Let's see if we have the guts to stand up and do what is right.

When I was mayor of Knox County, there were things that would come before me. I would bring in my attorney. I would bring my buddy, Mike Jones, and I would bring in my dear friend Colonel Julian, who has since passed, Mike would tell me if it was legal or if it was illegal.

He would say: Well, boss, it is legal.

I would look at Colonel Julian, and Colonel Julian would tell me if it was ethical or not.

Mr. Speaker, this may be legal, but dadgummit, it is surely not ethical. We know what is right. We need to do what is right.

Mr. Speaker, I thank the sponsor. It has been a pleasure working with the gentleman, who has been straight up, and I dig that.

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