Hill Country Chronicle

Rep. Chip Roy and Rep. Seth Magaziner have reintroduced the TRUST in Congress Act, a bipartisan effort to prevent Members of Congress and their families from engaging in insider trading. The bill seeks to enhance public confidence by mandating that congressional members place certain investment assets into a qualified blind trust while serving in office.

Representative Roy stated, "The American people should have faith that Congress is at work for the good of the country, not for their own bank accounts." He highlighted his previous efforts with former Representative Abigail Spanberger and expressed pride in reintroducing the legislation alongside Rep. Magaziner.

Rep. Magaziner emphasized the need for accountability, saying, "Trust in Congress is at an all-time low, but we can strengthen the integrity of our government by ensuring Members of Congress are serving their constituents and not their stock portfolios."

The act has received support from several advocacy groups including Project on Government Oversight (POGO) and Citizens for Responsibility and Ethics in Washington. It requires members, along with their spouses and dependent children, to place specified investments into a blind trust within 180 days after enactment or within 90 days for new members.

Additionally, members must certify either the establishment of such trusts or declare no ownership of covered investments. These certifications will be publicly accessible through relevant congressional offices.

Certain financial instruments like mutual funds and U.S. Treasury securities are exempt from being classified as covered investments under this legislation.

The bill has been co-led by Rep. Magaziner and cosponsored by numerous representatives across different states.