Congresswoman Caraveo Prioritizes Good Governance and Transparency with Latest Bills on Member Investments

Congresswoman Yadira Caraveo, M.D. (CO-08), Ranking Member on the House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development, released the following statement on Monday after co-sponsoring two bills aimed at rebuilding public trust in Congress by shedding light on the financial activities of representatives, senators, and their families:

“Transparency is the foundation of a healthy democracy. Its absence is a primary reason why just seven percent of Americans expressed confidence in Congress last year,” said Congresswoman Caraveo. “The public deserves to know whether their elected representatives have a financial interest in the industries they are tasked with regulating. I am proud to co-sponsor these two bills, which will reduce the potential for conflicts of interest with elected officials, and make sure that Members of Congress have only one motivation – serving the American people.”

Congresswoman Caraveo joined 63 of her colleagues in co-sponsoring the Transparent Representation Upholding Service and Trust (TRUST) in Congress Act, reintroduced this year by Representatives Abigail Spanberger (VA-07) and Chip Roy (TX-21). The bipartisan bill would require Members of Congress – along with their spouses and dependent children – to put certain investment assets into a qualified blind trust during their entire tenure in Congress, effectively banning them from trading individual stocks. This firewall will prevent Members of Congress from using their positions in the House or Senate to unethically inform investment decisions, influence the value of their current investments, or contribute to greater distrust between the American people and their elected representatives.

“As Ranking Member on the House Agriculture Subcommittee that oversees digital markets, I have already voted to protect investors by regulating the Wild West that is today’s cryptocurrency marketplace,” Caraveo said. “This bill will require that the Members involved in overseeing crypto also publicly disclose their investments in the very markets they’re regulating.”

Caraveo also co-sponsored the Cryptocurrency Accountability Act, reintroduced this year by Representative Elissa Slotkin (MI-07) to increase transparency around the cryptocurrency holdings of Members of Congress. Specifically, the bill would tighten House and Senate ethics guidelines and require Members to disclose all cryptocurrency holdings and transactions for themselves, their spouses, and their dependent children.

A 2022 Gallup poll found that only seven percent of Americans expressed confidence in Congress – ranking it last in a survey of Americans’ trust in major U.S. institutions. These two bills are part of Congresswoman Caraveo’s broader effort to promote transparency and accountability in Congress, which is essential to rebuilding public trust in the institution and ensuring lawmakers represent the interests of all Americans.