Washington, DC (WHAM) - Following the indictment of Congressman Chris Collins on federal insider trading charges this week, a fellow Republican has introduced a resolution to address some potential corporate conflicts of interest.
Rep. Tom Reed (R, NY-23) introduced a bill Thursday that would bar members of Congress from serving on the boards of corporations.
Reed and Democratic representative Kathleen Rice (D,NY-4) plan to introduce the bipartisan legislation that would update House rules to prohibit members from serving on the boards of publicly-held companies.
The rule would be equivalent to a U.S. 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.”
Rep. Collins (R, NY-27) is accused of using non-public information he obtained while on the board of an Australian bio tech firm in 2017 to help family members avoid hundreds of thousands of dollars in financial losses.
Collins is due back in court on October 11.