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Reed & Rice introduce measure banning Reps from serving on boards of public companies

WASHINGTON, D.C. (WIVB) - Representatives Tom Reed (R, NY-23) and Kathleen Rice (D, NY-4) announced that they have introduced a resolution to change current rules in the House of Representatives that would prohibit House members from serving on the boards of publicly-held companies. 

This comes in the aftermath of the arrest of Rep. Chris Collins (R, NY-27).

Collins faces insider trading charges. You can read more about his arrest and his response to the charges in related headlines.  

The resolution by Reed and Rice would create an equivalent in the House to Senate Rule 37.6(a).

That rule 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.”

Reps. Reed and Rice said in a 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.”


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