Rep. Magaziner to assume leadership of legislation to ban members of Congress from trading stocks

Congressman Seth Magaziner (D-R.I.) will lead the effort to pass legislation to ban members of Congress from trading individual stocks, taking over for outgoing Rep. Abigail Spanberger (D-Va.). The TRUST in Congress Act would require lawmakers, their spouses, and dependent children to place certain investment assets into a qualified blind trust during their service in Congress.

“Our job is to serve the American people, not ourselves — and banning Members of Congress from trading stocks is a crucial step toward restoring accountability in Congress,” Rep. Magaziner said in a statement. “I am thankful for Representative Abigail Spanberger’s leadership on this bipartisan bill, and look forward to leading this effort in the 119th Congress alongside Representative Chip Roy to deliver this much needed reform.”

The bill was originally introduced in 2020 by Spanberger and Rep. Chip Roy (R-Texas). The legislation is cosponsored by 79 Members of Congress, including Magaziner, Roy, and several other Democratic and Republican colleagues. Rep. Magaziner co-sponsored his first bill, the TRUST in Congress Act, in January 2023. [...] Read full article.