LISTEN: Rep. Julie Fedorchak with Steve Hallstrom
WASHINGTON – North Dakota Congresswoman Julie Fedorchak and several other Republicans introduce a bill that would ban members of Congress, their spouses and dependent children from buying publicly-traded stocks.
“The overall goal is to restore public trust and help people have confidence that when you’re being elected to Congress, you’re not going there to get rich. You’re going there to serve the public,” Fedorchak said on “The Steve Hallstrom Show” on The Flag.
The Stop Insider Trading Act would also require members of Congress to publicly disclose the intended sale of stocks with the clerk of the House of Representatives within seven to 14 days. It also fines politicians $2,000 or 10% of the transaction value, whichever is higher, and requires any profits from the trade returned for violating rules in the bill.
Fedorchak said she’s heard concerns from North Dakotans fairly regularly about members of Congress trading stocks. She added federal politicians are already prohibited from getting speakers fees at events while in office.
“I’m here representing North Dakota and that is not a role that should earn me extra money,” Fedorchak explained.
