Washington, D.C. – Today, Congresswoman Elise Stefanik (R-NY-21) became one of the first cosponsors of a bipartisan resolution introduced by Representatives Tom Reed and Kathleen Rice to prevent Members of the House of Representatives from serving on the boards of publicly held corporations, business entities, and financial institutions.
“Public trust in Congress is close to an all-time low, and recent allegations against Members of Congress only further erode that trust,” said Congresswoman Stefanik. “Representatives come to Washington to serve constituents, not to enrich themselves. This measure ensures that public officials give their full commitment to the job their constituents elected them to do. In Congress, I will continue advocating for transparency and for policies that ensure Members of Congress live by the same rules as the citizens they serve.”
The Reed-Rice resolution creates a House rule similar to an existing Senate rule, which states that no Senator “shall serve as an officer or member of the board of any publicly-held or publicly regulated corporation, financial institution, or business entity.” The House resolution strengthens the Senate rule by requiring newly-elected Members of Congress who serve on publicly traded boards to resign from their positions no matter how long they served prior to their election.
The full text of the resolution is available here.