AOC and Gaetz team up – surprising, right?

Politics Makes Strange Bedfellows: AOC and Gaetz Team Up

Prohibiting Financial Investments by Members of Congress

Politics can be unpredictable, and the recent partnership between Democratic socialist Rep. Alexandria Ocasio-Cortez (D-NY) and uber-conservative Republican Rep. Matt Gaetz (R-FL) is a prime example. The two lawmakers, along with a couple of others, have introduced the bipartisan Restoring Faith in Government Act, which aims to prohibit financial investments by members of Congress, their spouses, and any dependents.

Why the Bill Matters

“The ability to individually trade stock erodes the public’s trust in government,” Ocasio-Cortez said. “When Members have access to classified information, we should not be trading in the stock market on it. It’s really that simple.”

“Members of Congress,” Gaetz said, “are spending their time trading futures instead of securing the future of our fellow Americans. We cannot allow the Swamp to prioritize investing in stocks over investing in our country.”

The bipartisan bill comes as numerous lawmakers reportedly sold their shares in First Republic Bank just weeks before the firm collapsed and was sold to JPMorgan Chase by financial regulators. The lawmakers, both Democrats and Republicans, who sold shares of First Republic Bank avoided heavy losses: the firm’s stock fell from $121.54 at the beginning of the year to $3.51 at the time of the collapse.

The Pelosi Connection

Rep. Nancy Pelosi (D-CA) as speaker of the House vehemently fought against banning lawmakers from trading stocks — for good reason. Pelosi and her husband have made millions since she took office. This past January, the couple sold more than $1.5 million in Alphabet stock. Then guess what happened? The Department of Justice announced an antitrust lawsuit against the tech giant earlier this month.

Between 2007 and 2020, Mrs. Pelosi and her husband saw their stock portfolio’s worth soar by as much as $30 million. Paul Pelosi’s net worth is said to be more than $120 million, mostly due to his holdings in technology stocks.

The Need for Transparency

“When Members of Congress trade individual stocks, people are right to question whether their decisions are for the public good or their own personal benefit,” Ocasio-Cortez said. “During the height of COVID, we saw senators leave briefings and trade stocks — even investing in body bags.”

“Members of Congress often get detailed briefings the public may not have access to for days, weeks, or even months. This information can be about investigations, hearings, policy changes, supply chain issues, new technologies — or even as we’ve seen these past few years — global pandemics and looming bank failures,” she said.

“But all too often, we’ve seen that instead of using this information to help American families, Members of Congress have used their positions to make lucrative stock trading decisions that benefit themselves,” AOC said.

Conclusion

The Restoring Faith in Government Act is a step in the right direction towards transparency and accountability in government. It’s time for lawmakers to prioritize the needs of the American people over their own personal gain.