Restore Trust in Congress Act
Summary
The "Restore Trust in Congress Act" aims to prevent Members of Congress, their spouses, and dependents from owning or trading stocks, commodities, futures, and other comparable economic interests. The bill amends Title 5 of the United States Code, adding a new subchapter that defines covered individuals and investments, establishes restrictions on trading and ownership, and sets penalties for violations. It includes exceptions for widely held investment funds, U.S. Treasury securities, and certain other assets.
Expected Effects
The primary effect would be to restrict the ability of members of congress and their families to profit from inside information. This could lead to increased public trust in government. It may also impact the personal investment strategies of those affected.
Potential Benefits
- Increased public trust in government by reducing potential conflicts of interest.
- Reduced opportunities for insider trading based on non-public information.
- Promotes ethical behavior among members of Congress.
- May encourage members of Congress to focus on policy-making rather than personal financial gain.
- Could level the playing field for average investors by limiting advantages held by those with political access.
Potential Disadvantages
- Potential limitations on the financial freedom of members of Congress and their families.
- Possible difficulty in attracting qualified individuals to serve in Congress due to financial restrictions.
- Complexity in defining and enforcing the restrictions, leading to potential loopholes.
- May require significant oversight and resources to monitor compliance.
- Potential for unintended consequences affecting legitimate investment activities.
Constitutional Alignment
The bill aligns with the principle of promoting the general welfare, as outlined in the Preamble of the US Constitution, by aiming to reduce corruption and increase public trust in government. Article I, Section 6, Clause 2 addresses potential conflicts of interest through the Ineligibility Clause, though this bill goes further. The bill does not appear to infringe upon any specific constitutional rights, such as freedom of speech or due process.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).