Laubacher turns campaign promise into action, pushing House leadership to ban congressional stock trading on Day One.
WASHINGTON, D.C. — This week, in her first official action as a member-elect, Eileen Laubacher joined 50 other incoming members of Congress in a letter calling on House Democratic leadership to adopt a ban on stock trading in the House rules package on the first day of the new Congress. The proposed rule would prevent members of Congress and their spouses from buying or selling individual stocks, commodities, futures, derivatives and related investments.
“Members of Congress shouldn’t be trading stocks in the very industries they’re supposed to oversee while hardworking Americans struggle to afford groceries and rent,” said Congresswoman-elect Eileen Laubacher. “I promised the people of Colorado’s 4th District I’d fight to clean up Washington. I’m not waiting until I’m sworn in to get started. House leadership should make banning congressional stock trading a priority on day one.”
The full text of the letter can be read below:
Members of Congress are getting rich trading stock in the industries they regulate while the people they represent fall behind on rent and groceries. Voters sent a message last Tuesday loudly and clearly: they want lower costs and an end to corrupt self-dealing. Democrats can deliver both starting the day the new Congress is sworn in.
We are calling on our Democratic leaders in the House to quickly adopt a rule barring members and their spouses from owning or trading stocks, commodities, futures, derivatives, and other related securities, with limited exceptions such as a diversified mutual fund or an investment held in a qualified blind trust. Democrats may have won the election, but we have a long way to go to earn back the trust of voters across the country. The existing laws around insider trading are insufficient. We should hold ourselves to the highest standard and work to restore faith in government. Nobody should leave Congress with millions more in their bank accounts.
A stock trading ban alone will not fix Washington, but it is the fastest way to show voters we heard them. This rule would be a down payment on much-needed reform to prevent elected and appointed government officials and their spouses from trading stocks. We promised our communities we would clean up this place. In January, we should do just that.
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