PRESS RELEASE: De Gregorio Calls for stock Ban for Members of Congress

January 19, 2022

Calls on Gottheimer to divest from portfolio; Urges Pallotta and Schneiderman to follow his lead

January 19, 2022

FAIR LAWN – Today, Nick De Gregorio, a Marine Veteran and Republican Candidate for Congress in New Jersey’s Fifth Congressional District, called for major reforms to Members of Congress’ ability to own stocks in response to reports that incumbent Democratic Congressman Josh Gottheimer, among others, had benefitted handsomely from options trading while voting on major legislative changes.

“It’s time for common sense reform in Congress when it comes to stock trading. If you’re a congressman, you are the definition of an insider – period. As someone who worked in the financial services industry, I was held to a far more rigorous standard than the people whose votes can cause seismic shifts in the marketplace in a matter of seconds. To restore public trust and avoid the appearance of impropriety, Members of Congress and their spouses should be banned from owning stocks,” said De Gregorio.

He continued: “This isn’t a Republican or a Democratic issue, but we know that Josh has been one of the most prolific traders among his colleagues. Blind trusts simply won’t cut it; at a time when everyday Americans are struggling to feed their families and fill up their cars thanks to runaway inflation, it’s this type of behavior that further erodes trust in our public servants and institutions.”

De Gregorio concluded: “I am calling on Josh Gottheimer to divest from his stock portfolio, and I will pledge to do the same when elected in November. To demonstrate our commitment to good government practices this election cycle, I am also calling on my fellow Republicans in this race, Frank Pallotta and Fred Schneiderman, to make the same promise to Fifth District families.”