(The Center Square) – An Illinois congresswoman says the public is right to be alarmed about elected officials enriching themselves through insider trading.
The U.S. House Administration Committee held a hearing in Washington Wednesday to discuss legislation aimed at restricting stock trading by federal lawmakers and their families.
U.S. Rep. Mary Miller, R-Illinois, said members of Congress lack the fear of God.
“It is appointed unto man once to die and then the judgment, and we are not going to take a pile of money to hell with us. People that are wantonly treacherous, that are disloyal to their constituents, to their country, to future generations, they should be put to shame,” Miller said.
Miller said constituents must be able to trust that elected representatives are serving the people and not themselves.
“When the stock portfolios of members of Congress regularly beat the S&P 500 and members leave the office with vastly higher net worths than when they arrived, the public is right to be alarmed,” Miller said.
Earlier this year, U.S. Reps. Chip Roy, R-Texas, and Seth Magaziner, D-Rhode Island, introduced the Restore Trust in Congress Act, which would prohibit members of Congress, their spouses, dependent children and their trustees from owning, buying or selling individual stocks, securities, commodities or futures. The bill also outlines the process by which lawmakers would be required to divest from covered assets.
Democratic Illinois U.S. Reps Nikki Budzinski, Jesus “Chuy” Garcia, Robin Kelly, Raja Krishnamoorthi, Mike Quigley, Delia Ramirez and Eric Sorensen have signed on as cosponsors of the legislation.
During the committee hearing Wednesday, Miller asked Jim Copland, senior fellow and director of Legal Policy for the Manhattan Institute, how enforcement of the act would be evenly applied.
“That’s sort of the rub there. Part of the problem is the enforcement mechanism. The Stock Act reserves it to your own bodies, your own ethics offices or independent committees set up under your own body,” Copland said.
Copland said he would be happy to work with lawmakers on improving the enforcement process.
Miller asked Dan Savickas, vice president of Policy and Government Affairs for the Taxpayer Protection Alliance, if he would support enforcement being independent of the legislative or executive branches.
“In principle, yes, reserving the right to look at any specific proposal,” Savickas answered.
Miller said former U.S. House Speaker Nancy Pelosi made over $100 million from her time in public service.
