The bipartisan legislation, called the Bipartisan Restoring Faith in Government Act, is sponsored by both Democrats and Republicans and was introduced by Reps. Alexandria Ocasio-Cortez, Matt Gaetz, Brian Fitzpatrick, and Raja Krishnamoorthi.
The proposed legislation would require lawmakers to place their stocks into blind trusts, which would be managed by an independent trustee who would be responsible for making all investment decisions.
The bill also includes a provision that would prevent lawmakers from serving on the boards of public companies.
"The fact that members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America," Fitzpatrick said in a statement.
"We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information. This is basic common sense and basic Integrity 101."
Ocasio-Cortez said the "ability to individually trade stock erodes the public's trust in government."
"When members have access to classified information, we should not be trading in the stock market on it. It's really that simple," she said.
The bill will likely face opposition in Congress, where many members have holdings. The 2012 STOCK Act allows members to buy and sell stocks so long as they do not insider trade and so long as their transactions are disclosed.
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