Larson backs ban on congressional stock trading

U.S. Rep. John B. Larson said he has cosponsored a bill that would bar members of Congress from owning, buying or selling stocks.

He’s backing the Restore Trust in Congress Act, which would prohibit not only members, but their spouses, dependent children and trustees from owning, buying or selling individual stocks, securities, commodities, futures and other comparable assets.

The bill responds to recent concerns over stock trading by lawmakers who may have access to privileged information about companies through Congressional hearings. Research from the University of Maryland has shown that public opinion is overwhelmingly behind a ban on lawmakers being involved in personal trading.

The bipartisan effort that Larson is signed on to has been led by Texas Republican Chip Roy and Rhode Island Democrat Seth Magaziner.

“The American people should be able to trust that their representatives are focused on their needs in Washington, not enriching themselves with padded stock portfolios,” Larson said. “That is the type of behavior that erodes public trust in public office, not to mention the culture of corruption and crypto schemes coming out of the White House.”

It is not without controversy, however. Proposed language in the bill would also allow lawmakers to defer taxes on the sale of the securities they are required to sell off.

Larson, who represents Connecticut’s 1st Congressional District, is up for reelection next year and faces several potential Democratic challengers for his seat, which he has held since 1999.