LEWISTON, Maine — U.S. Congressman Jared Golden, D-Maine, is signing his name on another bill to prevent some federal elected officials and their families from trading stocks.
The Democrat is a co-sponsor of the Dismantling Investments in Violation of Ethical Standards through Trusts Act. Golden and Republican Michael Cloud of Texas introduced the bill this week.
Back in his home district on Thursday, Golden said the idea of introducing these bills came after members of Congress abused their insider knowledge to take advantage of the stock market, especially during peak times of the pandemic.
This bill would prevent executive branch officials, their spouses, and children from owning or trading stocks while in office. The legislation states the stocks can be placed into a blind test until they leave office.
“Obviously, we want to prevent corruption, but even the perception of a conflict of interest, I think, is problematic for our democracy and for the institution of the Congress or the office of the presidency," Golden said.
This legislation has similar language to bills previously introduced in the U.S. House that look to ban members of Congress from trading stocks. Golden said he and about a dozen bipartisan members of the House sent a letter to Speaker Nancy Pelosi calling for a vote on this matter before Sept. 30.
Golden said momentum behind the bill could be lost after November's midterm election.
“Anytime you can avoid a pause, I think that’s your best strategy," he said.