Congressman Morgan McGarvey Cosponsors Legislation to Promote Public Trust, Ban Congressional Stock Trading
Today, Congressman Morgan McGarvery (KY-03) cosponsored legislation to promote public trust in Congress by banning Members from trading or owning individual stocks.
“Public trust is essential to our work as elected officials. I am proud to cosponsor the Bipartisan Restoring Faith in Government Act and TRUST in Congress Act to ban Members of Congress from trading or owning individual stocks,” said Congressman McGarvey. “Since my time in the Kentucky state Senate, my wife and I have had an explicit agreement with our financial advisor that we will not direct, approve, or even have knowledge of any stock purchase or sale – effectively creating a blind trust for our retirement accounts and kids' college funds. But after coming to Washington at a time of historically low trust in Congress, we decided to divest from all individual stocks before the end of my first term in Congress. We no longer own any individual stocks.”
H.R.253 - Bipartisan Restoring Faith in Government Act would prohibit members of Congress, their spouses, and dependents from owning or trading individual stocks. H.R.396 - TRUST in Congress Act would require a Member of Congress, as well as any spouse or dependent child of a Member, to place specified investments into a qualified blind trust (i.e., an arrangement in which certain financial holdings are placed in someone else's control to avoid a possible conflict of interest) until 180 days after the end of their tenure as a Member of Congress.