The Bipartisan Restoring Faith in Government Act, introduced by Republican Representative Matt Gaetz of Florida and Democratic Representative Alexandria Ocasio-Cortez of New York, aims to prevent members of Congress and their immediate family members from participating in stock trades, which would prevent any potential misuse of their positions for personal financial gain.
‘She Is Not Corrupt’: Matt Gaetz Explains Why He Teamed Up With Ocasio-Cortez On Proposed Legislation https://t.co/ORKNNSGJ8f pic.twitter.com/5Km1gTf3q7
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Congressman Gaetz praised his Democratic colleague, stating that while they may disagree on certain issues, he respects her integrity and willingness to work together towards a common goal of ensuring that Congress remains free from corruption. He compared the prohibition on congressional stock trading to the prohibition on referees betting on the game, highlighting the importance of maintaining impartiality and avoiding conflicts of interest.
The introduction of the Bipartisan Restoring Faith in Government Act is particularly timely, given the recent allegations against Democratic Representative Lois Frankel of Florida. According to reports, Rep. Frankel sold her shares in First Republic Bank just before the bank was closed down by regulators and acquired by J.P. Morgan Chase. She then allegedly purchased shares in J.P. Morgan just before the bank acquired First Republic. Such conduct is entirely unacceptable and contributes to the growing lack of trust that the public has in their elected officials.
Unfortunately, Rep. Frankel is not the only public figure to have engaged in such questionable behavior. Democratic Representative Nancy Pelosi of California has also faced criticism after her husband purchased 20,000 shares in a computer chip-making company just before the Senate passed the CHIPS Act. Similarly, Republican Senator Tommy Tuberville of Alabama was also scrutinized for investing over $250,000 in Intel stock prior to the passage of the CHIPS Act, despite having voted against it.
As Congressman Gaetz rightly notes, around 25% of members of Congress are known to engage in such misconduct. It is high time for Congress to take responsibility and end this practice of corruption. The Bipartisan Restoring Faith in Government Act is an excellent initial step towards achieving this goal. It will help ensure that Congress can be held responsible for their actions, and that the American people can once again have confidence in their elected representatives.