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Reps launch effort to bar peers from serving on corporate boards

Joe Mont | August 10, 2018

In response to yet another member of Congress being accused of insider trading, U.S. Representatives Tom Reed (R-N.Y.) and Kathleen Rice (D-N.Y.) announced on Friday that they will introduce a resolution to amend the current rules of the House of Representatives to prohibit members of the House from serving on the boards of publicly-held companies.

The resolution would create a House equivalent to Senate Rule 37.6(a), 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.”

“We must change the rules to prevent members from serving on corporate boards in order to improve the public’s trust in Congress,” Reed and Rice said in a joint statement. “There should never be a doubt in...

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