Rep. Kim Announces New Legislation to Set Single Standard Across Government Prohibiting Stock Ownership, Restore Americans’ Trust
WASHINGTON, D.C. – Today, Congressman Andy Kim (NJ-03) announced his intention to introduce his Restoring Trust in Public Servants Act, a bill that would set one standard across all three branches of the federal government – including Congress, the President, Vice President, and the Supreme Court– to prohibit ownership of individual stocks. Congressman Kim applauds recent proposals to prevent insider trading by Members of Congress by prohibiting stock trading or requiring Members to put their stocks in a blind trust. This proposal goes further by prohibiting stock ownership altogether and includes other key policies to address the broader issue of conflicts of interest.
"The Constitution is a sacred document in our country. If you work a job empowered by the Constitution, you should have to hold yourself to the highest of standards and leave no doubt that you are serving the American People and not for political or personal benefit," said Congressman Kim. "This bill is intended to set a standard across our entire government because all public servants, at the highest levels, owe the American People they serve their undivided attention and loyalty. Americans deserve to have complete faith in the people who choose to serve in our government, and this bill would be a first step in restoring that trust."
Congressman Kim's proposal would prohibit stock ownership for Members of Congress, their spouses and dependent children, and all congressional staff; the President, Vice President, all political appointees, and senior executive branch employees already required to file under the STOCK Act; and federal judges. The Restoring Trust in Public Servants Act also goes beyond stock ownership to prohibit Members of Congress from having outside employment or income, sitting on corporate boards, or lobbying for the rest of their lifetime after leaving Congress—including "shadow lobbying," or advising other lobbyists behind-the-scenes.
A fact sheet detailing the forthcoming bill can be found here.
"My entire life playing football I was on the offensive line. Anyone familiar with the O-line knows, we are always the first to be blamed and last to be praised. It's a position that requires you to be selfless for the betterment of the team, similar to when you serve as an elected official. You do so with selfless intent in order to better your community. I'm not saying that elected officials shouldn't be compensated fairly for the incredibly difficult duty they perform, but when they have the ability to profit from insider knowledge on upcoming polices and their effect on stocks, they shouldn't be able to unfairly take advantage of that. It can make you start to question if an elected officials' intent behind a policy is for the betterment of the people they represent, or their own financial gain. I am grateful to see leaders such as Congressman Kim stepping up to bat on important issues such as this," said Tyrell Crosby, Offensive Lineman, Detroit Lions, who has been outspoken about prohibiting Members of Congress from buying stocks just as NFL players are prohibited from betting on games.
"The American people have made it clear that they are concerned about corruption in our government and this should be a top priority for lawmakers," said Dylan Hedtler-Gaudette, Government Affairs Manager at the Project On Government Oversight (POGO). "Whether it is stock trading that looks like insider trading by government officials and their spouses or the corrupting effects of lobbying by former policy makers, these issues undermine the public's trust in government. We look forward to continuing to work with Rep. Kim on legislation that responds to the concerns the public is raising."
Congressman Kim supports the Bipartisan Ban on Congressional Stock Ownership Act, also announced today by Senator Elizabeth Warren and Congresswoman Pramila Jayapal. Both pieces of legislation are distinct from other current proposals in Congress in that they prohibit stock ownership, not only stock trading. Both include provisions to ensure Members of Congress would not face tax penalties for complying with the new rules. In addition to Members of Congress and spouses, who are covered by the Warren/Jayapal bill, Congressman Kim's bill also applies to Members' dependent children, all congressional staff, certain executive branch officials, and federal judges.
Congressman Kim is committed to cleaning up money in politics and strengthening ethics and transparency to restore our Democracy. When he was elected in 2018, Congressman Kim promised to hold at least one town hall every month. To date, the Congressman has hosted 46 town halls over three years, with his 47th town hall taking place this evening. Congressman Kim posts his Daily Activities publicly on his website so constituents in Burlington and Ocean Counties can see the work he is doing on their behalf.
Congressman Kim is a member of the House Armed Services Committee, the House Foreign Affairs Committee and the House Committee on Small Business. More information about Congressman Kim can be found on his website by clicking here.
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UPDATE: On Friday, February 25th, Congressman Kim introduced the Restoring Trust in Public Servants Act. The text of the final bill can be foundhere.