Rep. Tom Reed (R-NY) and Rep. Kathleen Rice (D-NY) have taken the initiative to introduce legislation that would ban members of Congress from serving on the boards of publicly held companies.
The new rule would mirror the Senate rule 37.6(a) which currently lacks a House equivalent. Reed and Rice issued the following joint statement:
“We must change the rules to prevent members from serving on corporate boards in order to improve the public’s trust in Congress. There should never be a doubt in the public’s mind to lead them to think their Representative could be corrupted or incriminated because of their stake or position in a private company. We owe the American people this fair assurance.
Today, we are announcing a resolution to amend the House Rules to match those of the Senate, which strictly prohibit members of the Senate from serving ‘as an officer or member of the board of any publicly-held or publicly-regulated company.’ This change is important and long overdue, and we urge our colleagues in the House to pass this resolution.”
This is an important, common-sense reform, and we encourage the House to adopt this rule at the dawn of the next Congress in January, 2019 at the latest.
Recently, Americans were made aware of this issue with the indictment of Rep. Chris Collins (R-NY) for insider trading related to information gathered due to his service on a board.
What do you think? Stand with Take Back Our Republic in supporting this initiative at https://www.facebook.com/takebackorg/.