Rep. Duffy Introduces RESTRICT Act
Washington, D.C., Representative Sean Duffy (R-07) today introduced the H.R. 3550 Restoring Ethical Standards, Transparency and Responsibility in Congressional Trading (RESTRICT) Act. The bill, authored by Rep. Duffy, would encourage Members of Congress, Senior Staff and the President and his cabinet, to place all stocks, bond, commodities futures and other securities into a blind trust run by an independent money manager.
“It’s time for Congress to lead by example and enact this high standard of openness and accountability,” Duffy said. “This act removes all doubt of insider trading and takes members out of the day-to-day decisions of their personal stock transactions without full public disclosure.”
The legislation allows a Member or senior employee of Congress to choose against establishing a blind trust and continue to trade based on public information. In that instance, the bill requires that they be subject to an immediate and exhaustive disclosure of all trades. All trades (bonds, stocks, futures, mutual funds, etc) must be reported to the Clerk of the House within three business days.