When our founders designed our system of government, they intended for public office to be about service, not self-enrichment. Yet today, too many Americans believe Congress plays by a different set of rules — rules that allow lawmakers to profit from inside information and erode trust in the very institution we are sworn to uphold. That loss of trust is a crisis for representative democracy.
That is why, after being sworn in to my first term earlier this year, I divested from all of my own company-specific, publicly traded stock holdings. I did so because I wanted my constituents to know, without question, that when I cast a vote or consider a bill, I am thinking only about what is best for them — not about how it might affect my stock portfolio.
In my view, it is not only imperative that we eliminate as many conflicts of interest as possible from elected office, but that we remove even the appearance of those conflicts. And the good news is, I’m not the only one who feels this way.
Last week, I helped lead the Restore Trust in Congress Act, a bipartisan effort to ban members of Congress, along with their spouses and dependents, from owning or trading individual stocks. This is not a Democratic idea or a Republican idea. It is a good-government idea, one that nearly 90% of Americans say they support, regardless of party. When support for a reform is that high, across every ideology and region, it tells us something important: People don’t want their representatives playing the market. They want us focused on doing our jobs.
The bill is straightforward. It requires members of Congress to divest from company-specific stocks within a defined window of time: 180 days for current members, 90 days for new members. Instead of picking winners and losers in the marketplace, lawmakers would be limited to broad-based, diversified mutual funds, index funds, or retirement accounts that rise or fall with the economy as a whole.
This approach addresses not only actual conflicts of interest but also the perception of conflicts. In many ways, perception is just as damaging. When a politician buys or sells shares in a company affected by legislation or regulatory action, people understandably wonder whether that decision was made with the public interest in mind. Even if no law is broken, the doubt remains. And every time doubt takes root, the bond between citizens and their representatives weakens.
I believe leadership means more than words. It means action.
Some critics will argue that this is unnecessary, that disclosure requirements already exist, or that members of Congress are entitled to manage their own finances like anyone else. I disagree. The stakes are simply too high. Members of Congress receive information every day that can move markets — on defense contracts, regulatory rulings, energy projects, or new technologies. We cannot pretend that access to such information has no bearing on personal investment decisions. And we cannot afford to let Americans believe lawmakers might be serving themselves while claiming to serve their country.
We can disagree vigorously on any number of policy questions, and I would argue that at its best, those disagreements are the making of a healthy democracy. But we should all agree that Congress must be held to the highest ethical standards. Restoring trust in government will not happen overnight, but passing this legislation is a necessary step. It sends a clear signal that the people’s business comes first, always.
In an era when political polarization seems to touch everything, this is one issue where conservatives, independents and progressives can stand together. We all benefit from a Congress that earns the trust of its citizens. We all benefit from a government that is transparent, accountable and worthy of respect. The Restore Trust in Congress Act is not about partisanship. It is about doing what is right, what is common-sense, for the people we are elected to represent. That’s why I took action to divest my publicly traded, company-specific stock holdings, and why I’m calling on all my colleagues – across the political spectrum – to do the same.
Rep. George Whitesides represents California’s 27th Congressional District. “Democratic Voices” appears Tuesdays and rotates among several local Democrats.
