AOC, Gaetz team up for reform bill to stop insider trading

New York Democratic Rep. Alexandria Ocasio-Cortez and Florida Republican Rep. Matt Gaetz have joined forces to introduce a bill banning lawmakers, their spouses, or dependents from trading stocks.

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House Problem Solvers Caucus co-chair Rep. Brian Fitzpatrick, R-Penn., and Democratic Illinois Rep. Raja Krishnamoorthi joined the pair in introducing the Bipartisan Restoring Faith in Government Act on Tuesday.

The bill further grants lawmakers a 90-day window during which they must divest themselves of their existing stocks. Moreover, should the spouse of a lawmaker receive “any financial instrument” as compensation for their main employment, they will have 90 days to sell it from the date they are contractually permitted to do so.

Covered individuals may still invest in “widely held investment funds” or government bonds.

[I didn’t have an AOC-Gaetz partnership on my congressional Bingo card this session. This bill seems needlessly complicated, though. Why not just require that all members of the House and Senate place their assets in a blind trust and leave it at that? Why have the subjective loophole of “widely held investment funds,” which could mean almost anything? — Ed]

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