Push to ban stock trading by Congress follows IL rep’s reported
violations
[September 06, 2025]
By Jim Talamonti | The Center Square
(The Center Square) – After an Illinois congressman reportedly broke the
law with late disclosures of stock trades, another member of the state’s
delegation is urging colleagues to prohibit stock trading by members of
Congress.
OpenSecrets revealed on August 26 that Illinois U.S. Rep. Jonathan
Jackson, D-Chicago, was weeks late in disclosing 31 stock trades made by
his wife earlier this year.
Illinois U.S. Rep. Raja Krishnamoorthi, D-Schaumburg, joined a
bipartisan group of lawmakers this week to introduce a ban on stock
trading by members of Congress.
“We’re not going to judge what you did before now, but now that this
bill is going to come to the floor, and we’re going to make sure of
that, it’s your chance to get right with the American people,”
Krishnamoorthi said.
The Illinois Democrat urged his colleagues to “do the right thing.”
“Congress is not a casino. It’s not a stock exchange. It’s not a betting
parlor. The only bet we should be making is on the American people,”
Krishnamoorthi added.
The Center Square contacted Jackson’s office several times for comment,
but the congressman was not immediately available. Dozens of federal
lawmakers had similar violations in the past decade, with dollar amounts
of the stock trades ranging from hundreds of dollars to millions.
U.S. Reps. Chip Roy, R-Texas, and Seth Magaziner, D-Rhode Island,
introduced the Restore Trust in Congress Act, which prohibits members of
Congress, their spouses, dependent children and their trustees from
owning, buying or selling individual stocks, securities, commodities or
futures. The bill also outlines the process by which lawmakers would be
required to divest from covered assets.
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Although the measure includes exceptions, it reconciles several
previously introduced bills and aims to prevent insider trading by
federal lawmakers and their families. HR 5106 also provides for
lawmakers’ supervising ethics office to impose and enforce penalties
and issue any additional guidance.
U.S. Rep. Alexandria Ocasio-Cortez, D-New York, said the bill got
stronger as lawmakers worked together.
“It is one of those rare moments where I feel like Washington is
working the way that it’s supposed to work,” Ocasio-Cortez said.
U.S. Rep. Anna Paulina Luna, R-Florida, said 95% of Americans
support the bill and she expects leadership to bring it to the House
floor.
“The President [Donald Trump] has stated that he supports banning
this, because it is corrupt. Frankly, the fact that members are
getting, what, plus-600% returns on their investments is wrong. More
importantly, how could you ever be expected to represent your
constituents when you’re clearly worried about your pocketbook?”
Luna asked.
According to Luna, the bill’s supporters “asked nicely” for House
leadership to bring HR 5106 to the House floor. If they don’t, Luna
said a discharge petition is prepared and ready to go.
Luna said the coalition is hopeful that the bill will be brought to
the floor in regular order.
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