Stock Trading Ban for Members of Congress

Floor Speech

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Mr. NEGUSE. Mr. Speaker, first and foremost let me thank my distinguished colleague from Rhode Island, whose clarion call on this issue, his demand to an end of corruption, an end to this outrageous practice of stock trading by Members of Congress, has inspired many of his colleagues who have joined the coalition that he is building in real time. I couldn't be more grateful to Representative Magaziner for his leadership and for championing this issue at such a critical time. I am grateful to be a partner with him in this effort.

Our 26th President, Teddy Roosevelt, once said that no man who is corrupt, no man who tolerates corruption in others can do his duty by the community. That admonition rings true today.

Four years ago, I led an effort to ban stock trading by Members of Congress, joined with colleagues on both sides of the aisle. For 4 years, we have tried to convince this Chamber to ban Members of Congress from trading stocks. Why? Members of Congress should be serving their communities, their constituents, and their country, not their stock portfolios.

In that 4-year span, 48 months, 1,400 days, how many millions of dollars have Members of Congress in this body made from trading stocks? It is unconscionable. It is a practice that should have ended years ago. We have continued to beat that drum month after month, week after week, day after day, and we will keep doing it until a majority in this body joins the rest of the American people, the public in supporting a ban to this insidious practice. I am grateful to Representative Magaziner for continuing to beat that drum, leading the effort now over the last 2 years.

It feels as though we are on the precipice, as Mr. Magaziner noted, of finally getting traction in this Chamber to end this practice. The one cautionary note I would offer, Mr. Speaker, is that in that 4-year span, as I mentioned, this journey, this battle that we have waged, again, colleagues of mine on both sides of the aisle to ban stock trading, I have heard virtually every excuse in the book from some of my colleagues: It is too complicated; there are competing bills; the legislative text is complex.

This is very simple. Just ban it. Not 5 years from now, not next year. Let's just put a bill on the floor to ban it, period. Members of Congress will no longer be able to trade stocks, simple as that.

I hope, Mr. Speaker, that my colleagues will join me, join Mr. Magaziner, join the coalition that has organized around this issue so that we can finally get this done and end corruption here in Washington.

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