Colorado congressman signs petition for bipartisan group calling for stock trading ban on members of Congress

U.S. Rep. Joe Neguse joined a growing number of Democrats and Republicans pushing to force a vote on legislation to ban stock trading by members of Congress.

Neguse, a Democrat who represents Colorado's 2nd Congressional District, is one of the cosponsors of the Restore Trust in Congress Act, introduced by Republican Rep. Tim Burchett of Tennessee. The bipartisan bill is designed to stop insider trading and would ban Congress members, their spouses and dependent children from holding and trading stocks.

Supporters believe action is needed to strengthen restrictions beyond the 2012 Stop Trading on Congressional Knowledge Act, or STOCK Act, which forbids Congress members, executive branch officials and federal employees from using nonpublic information gained by their positions for their personal financial gain. They're also required to disclose stock trades of over $1,000 within 30 to 45 days.

During a hearing before the House Administration Committee on Nov. 19, Dan Savickas, the vice president of policy and government affairs at the Taxpayers Protection Alliance, said "on average, members of both political parties outperformed the market." In an interview with CBS Colorado in June, Neguse said that many politicians have lost their moral compass and the public has lost faith in the government.

After months with no movement on the bill, GOP Rep. Anna Paulina Luna of Florida followed through on her threat to try to force a vote on the issue, introducing the discharge petition. Neguse signed the petition, joining 27 Democrats and 15 Republicans who are calling for a vote on the bill. The discharge petition must gain 218 signatures to put the measure on the floor for a vote.

The maneuver has become a tactic used by rank-and-file lawmakers to force a vote on issues they feel congressional leadership is ignoring. Speaker of the House Mike Johnson has said he has concerns about the measure and so far hasn't scheduled a vote on it.

Johnson argues that some members of Congress might need the extra income to "take care of their families." The salary for rank-and-file members of Congress has remained $174,000 since 2009. That's much higher than the median household income in the United States, which was $83,730 last year.

"For four years, I've led an effort to ban stock trading by Members of Congress, joined with colleagues on both sides of the aisle. Because as elected officials, we should be responsible for serving our communities, our constituents, and our country — not our personal interests and certainly not our stock portfolios," said Neguse. "The fact that we can't get a bill to ban this insidious practice on the House floor for an up or down vote is emblematic of the broader corruption that has become endemic in Donald Trump's Washington. And, in lieu of Republican leadership being willing to act on behalf of the American people, I'm proud to join Rep. Luna in the effort to ensure a vote on a congressional stock trading ban. This should be very simple. Just ban it. Not five years from now, not next year. Just put a bill on the Floor to ban it. Period."

The bill is one of seven Neguse is pushing for as part of the "End Corruption Now" agenda. The bills are designed to prevent the president, executive branch officials and members of Congress from taking advantage of their positions for personal benefit.