Ban stock trading, Colorado Democrats urge U.S. House speaker

Democrats from Colorado are urging U.S. House Speaker Mike Johnson to bring a floor vote on a measure to ban members of Congress, the president and vice president from trading stocks. 

The letter signed by more than 30 House Democrats follows the July passage of the Stop Insider Trading Act, which would restrict members of Congress, their spouses and close family members from purchasing certain stocks, and require a public notice and waiting period prior to selling stocks. 

Republicans in the House added unrelated voter ID requirements to the bill — part of President Donald Trump’s broader goal to increase federal involvement in elections. It would require voters to present a current state-issued driver’s license or identification card, passport, valid military or veteran ID, or tribal government-issued ID card to vote. 

The letter asks Johnson to bring the Restore Trust in Government Act for a floor vote when Congress returns from its August recess. That measure only has Democratic sponsors and would entirely ban stock ownership for members of Congress, the president and the vice president. It’s an expanded version of the Restore Trust in Congress Act, which has bipartisan support, but does not include the executive branch. 

“The American people are sick of the corruption in Washington,” the letter says. “They are sick of paying more for gas, groceries, and healthcare, and Congress doing nothing about it because politicians get rich by profiting from the industries and corporations that keep prices high.”

U.S. Rep. Jason Crow, an Aurora Democrat, pushed the letter as a co-chair of the End Corruption Caucus. He does not own or trade stocks and prohibits his staff from betting on prediction markets. The Republican measure creates loopholes that allow members of Congress and the president “to keep enriching themselves” while in public office, Crow said. 

“People at the highest level of our government should not be able to use their office for profit,” Crow said in a statement. “The American people want real transparency and reform in Washington, and we should give it to them by passing this bill.”

U.S. Rep. Diana DeGette of Denver, House Assistant Minority Leader Joe Neguse of Lafayette and U.S. Rep. Brittany Pettersen of Lakewood also signed the Aug. 4 letter. 

The Stop Insider Trading Act does not explicitly ban members of Congress from trading stock, and seven good government advocacy groups wrote to Congress in February urging members to reject the legislation. The Campaign Legal Center renewed that opposition ahead of the House vote in July. The measure now awaits action in the Senate. 

DeGette, Neguse, Pettersen and Crow all voted against it, while Colorado’s four Republicans in Congress — U.S. Reps. Jeff Hurd of Grand Junction, Lauren Boebert of Windsor, Jeff Crank of Colorado Springs and Gabe Evans of Fort Lupton — all voted for it.  

U.S. Sen. John Hickenlooper, a Democrat, owns stocks in companies affected by his Senate committee assignments. He defended the purchases since they were made by a blind trust, so he isn’t involved in day-to-day purchasing and selling decisions. He and U.S. Sen. Michael Bennet sponsor a measure that would require members of Congress to place all of their stocks into a qualified blind trust, which must be approved by the Senate Select Committee on Ethics.