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Rep. Spanberger and Rep. Roy reintroduce the bipartisan TRUST in Congress Act to promote transparency and accountability in elected officials

January 21, 2021

WASHINGTON – On Thursday, Rep. Abigail Spanberger (VA-07) and Rep. Chip Roy (TX-21) announced the reintroduction of the TRUST in Congress act, which is designed to restore public faith in the legislative branch and further prevent insider trading by Members of Congress.

The Transparent Representation Upholding Service and Trust (TRUST) in Congress Act would increase transparency and reduce opportunities for nefarious activity to occur by requiring Members of Congress — as well as their spouses and dependent children — to put certain investment assets into a qualified blind trust during their entire tenure in Congress. By establishing a new firewall between Members of Congress and their personal investment interests, the TRUST in Congress Act would make sure such officials cannot use their positions in the U.S. House or U.S. Senate to unethically inform investment decisions or influence the value of their existing investments.

"The American people's trust in our institutions is at an all-time low, with Congress sitting at the bottom of that list. This is more than a public relations issue; it's direct threat to our Republic's wellbeing and future," said Rep. Roy. "This bill is one part of the equation to start rebuilding that trust. This policy will make it easier for Members of Congress to do their job — representing their constituents — without being seen as doing it for a financial motive. It will also help ensure that the privilege of serving our constituents back home is the primary focus of elected-representatives in Washington, D.C. I'm happy to work again with my friend and colleague Congresswoman Spanberger to get this bill across the finish line."

Specifically, the TRUST in Congress Act would:

  • Require all Members of Congress, and their spouses and dependent children, to put certain investment assets into a qualified blind trust within 90 days after the enactment of this legislation. New Members of Congress, and their spouses and dependent children, would be required to place covered investments into a qualified blind trust within 90 days of assuming office. Affected individuals can remove assets from the blind trust 180 days after the Member leaves Congress.
  • Require all Members to either 1) certify to the Clerk of the House of Representatives or the Secretary of the Senate that they have established a blind trust to include covered investments or 2) certify to the Clerk or the Secretary that they do not own any covered investments. The status of these certifications would be made publicly available by the Clerk of the House of Representatives and the Secretary of the Senate.
  • Define covered investments as the following: a security, commodity, future, or any comparable economic interest acquired through synthetic means such as the use of a derivative.
  • Clarify that the following do not qualify as covered investments for the purpose of this bill: a widely held investment fund (such as a mutual fund) or a U.S. Treasury bill, note, or bond. These investments would not have to be placed in a blind trust.

Reps. Spanberger and Roy first introduced the legislation in June 2020.

The bipartisan TRUST in Congress Act has been endorsed by many key advocacy and government accountability organizations, including the Project on Government Oversight (POGO), National Taxpayers Union, Taxpayers for Common Sense, FreedomWorks, Public Citizen, Government Information Watch, Taxpayers Protection Alliance, Protect Democracy, Americans for Prosperity, Government Accountability Project, Issue One, Open the Government, Public Employees for Environmental Responsibility (PEER), Campaign Legal Center, Democracy 21, Fix the Court, End Citizens United Action Fund, and Citizens for Responsibility and Ethics in Washington (CREW).

Read full text of the bill here.