10
Loading video...
By Young Kim
Member of Congress
0
Share
Newsweek is a Trust Project member
See more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.
George Washington once said, “Few men have virtue to withstand the highest bidder.” And while much has happened in the nearly 250 years since he made this sharp observation, human nature has remained the same.
The headlines are endless and endlessly colorful. Bribes paid in gold bars and cash crammed into coat pockets. Donor money spent on designer goods. Politicians trading stocks with insider information, using taxpayer dollars to line their own pockets.
Corruption is a tale as old as time, but when investment funds built to copy stock trades of members of Congress consistently outperform the S&P 500, you know you’ve got a problem.
Read More on Opinion
Washington needs to be held accountable. Self-dealing has become all too common, and as Americans stretch every dollar to afford groceries, gas, housing, and health care, career politicians in Washington have only gotten richer at our expense. That’s because for decades these very politicians have neglected to address the kitchen-table issues that matter most to Americans’ daily lives. In the words of President Washington, they have sold the American people’s best interests away to the “highest bidder,” trading stocks, cozying up with special interest groups, and appropriating millions of federal dollars wherever their own personal financial interests lie.
...
I ran for Congress to break the gridlock in Washington, D.C., and deliver real results for California families—and I did. When Congress took up the largest tax reform in years, I was the only Californian negotiating with Speaker Mike Johnson and President Donald Trump to increase the State and Local Tax (SALT) Deduction by 300 percent so hardworking families can keep more of their hard-earned money. I’ve worked to lower health care costs, cut middle-class taxes, protect our seniors, and support small businesses across Southern California. Now, I’m fighting to hold Washington accountable, so we can keep getting things done for the American people.
I’m supporting legislation like the Stop Insider Trading Act, which passed the House of Representatives in July, and the Restore Trust in Congress Act to ban members of Congress from trading individual stocks. I recently cosponsored the Congressional Pension Accountability Act and End Government Pensions for Sexual Abusers Act to strip disgraced politicians of their taxpayer-funded pensions when they violate public trust. I also support term limits for members of Congress, because career politicians should not be camped out in D.C. for decades, sinking into the swamp, cashing in year over year, and forgetting who they represent.
Unfortunately, there are as many ways for politicians to game the system as there are special interest groups on K Street. While I was thrilled to help advance the Stop Insider Trading Act out of the House, that must be the first step in accountability, not the last.
Last week, I introduced the Stop Congressional Self-Enrichment Resolution to bar members of Congress from appropriating federal dollars for projects that increase their own personal net worth. Under current House rules, members must certify that they do not have direct financial conflicts of interest when they request Community Project Funding (CPF), or earmarks. Where this rule misses the mark is that indirect financial interests can factor just as heavily into whether an elected official makes millions when bringing federal dollars back home. For example, a member could request an earmark for a nonprofit where their spouse serves on the board or fund a new park next to an apartment building they own, increasing the property’s value and ultimately boosting their own bottom line. My resolution sets a stronger standard by making clear that members should not in any way, directly or indirectly, benefit financially from taxpayer-funded earmarks.
This resolution and others I’ve supported are about more than just closing a loophole. Self-enrichment and corruption in Congress go against every fiber of what our Founding Fathers envisioned for this country. Our Constitution is a masterpiece that calls on leaders from every corner of the nation to represent America’s many unique voices. When politicians exploit their positions to benefit themselves, they not only betray the public’s trust; they silence the very voices they were sent here to represent.
We can, and must, do better. I’ll keep working to root out corruption wherever I see it and ensure Congress is working to lower costs, rein in health care prices, and have your best interests at heart.
Congresswoman Young Kim represents California’s 40th District and chairs the House Foreign Affairs Subcommittee on East Asia and the Pacific. She also serves on the House Financial Services Committee and the Select Committee on the Chinese Communist Party.
The views expressed in this article are the writer's own.
View 0 Comments
Submit Correction
View Editorial & AI Guidelines