WASHINGTON, D.C.—As the federal government remains in a partial shutdown, Democracy Defenders Action (DDA) today urged all members of Congress to suspend stock and securities trading for themselves and their families for the duration of any shutdown. The organization also released a report showing that nearly 60 Members of Congress were actively trading stocks and other securities totalling up to nearly $100 million during last year’s government shutdown.

“The sad reality is that while millions of Americans were losing SNAP benefits and receiving letters warning of huge increases in their health insurance costs, members of Congress across the country were buying and selling stocks,” said Virginia Canter, Chief Counsel and Director for Ethics and Anticorruption at DDA. “Stock ownership and trading should be completely banned for members of Congress, but it is especially disturbing to see trading during moments like these. It raises serious conflict-of-interest concerns and further erodes public trust.”

Highlights from DDA’s analysis include:

• 34 Republicans and 23 Democrats disclosed trading securities during the shutdown.

• 46 House Members and 11 Senators reported making trades during the shutdown.

• Rep. Mike McCaul (R-TX) was the Member of Congress with the greatest aggregate total value of stock and investment trades, ranging from between $5,401,137 to $14,740,000; four Members of Congress made at least $3 million in investment trades during the shutdown.

Congress’ approval ratings are near record lows, and nearly two-thirds of Americans believe that all or most of the people who currently serve as elected officials ran for office to make a lot of money. Congress must take bold action to give Americans faith and confidence that their elected officials are working in the public interest and not lining their own pockets.

“We elect public officials to serve the public, not to pad their portfolios by potentially exploiting inside information and timing the market. Congress must immediately pass the Restore Trust in Government Act and the Restore Trust in Congress Act to permanently ban Members of Congress and their families from trading stocks,” said Canter.

For the full Democracy Defenders Action analysis of congressional stock trading during last year’s federal government shutdown, click here. 

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Democracy Defenders Action brings together a nonpartisan team to work with national, state and local allies across the country to defend in real-time the foundations of our democracy.