Rep. Salinas Introduces Legislation to Stop Trump from Selling Insider Access to His Presidential Posts

Washington, D.C. – Today, U.S. Representative Andrea Salinas (OR-06), alongside Reps. Janelle Bynum (OR-05) and Kweisi Mfume (MD-07) and Del. Eleanor Holmes Norton (D.C.), introduced the Stop Corrupt Trading Act, companion legislation to a bill introduced by U.S. Senator Alex Padilla (D-Calif.), to ban the President and Vice President from selling early or exclusive access to their official social media posts for profit.

On August 1, Trump Media Group began selling early access to President Trump’s Truth Social feed, charging trading firms up to $100,000 a month for the privilege. Those posts can move markets within seconds, especially as Trump weighs in on the ongoing Iran war. The Truth Social API gives these firms an advantage. It hands them information before anyone else, giving them a chance to act ahead of people who can’t afford the $100,000-a-month subscription. Getting information even a few milliseconds before anyone else can be worth tens of millions of dollars to a trading firm.

"No President should allow Wall Street firms to pay for privileged access to the Oval Office," said Rep. Salinas. "Trump is letting firms pay up to $100,000 a month to receive his Truth Social posts faster, including announcements that can affect financial markets. This pay-to-play scheme reeks of Tony Soprano-style corruption. Wealthy traders should not get a head start while working people and small investors play by a different set of rules. The Stop Corrupt Trading Act will close that door and make clear that public office must serve the American people, not anyone's mob-style profiteering." 

Specifically, Rep. Salinas’ legislation would:

• Ban the President, Vice President, and related entities, including businesses or partnerships controlled by them or their immediate family, from selling nonpublic information for financial benefit, including exclusive data feeds of the President's official or personal statements. Violations carry a fine of up to double the value of the transaction and up to five years in prison.
• Ban any person or firm from buying that nonpublic information, with penalties of up to double the value of the transaction.
• Toll the statute of limitations for conduct that occurs while a person holds the office of President or Vice President, so the clock does not run out while they are still in office.
• Give the Attorney General authority to bring civil action for disgorgement of profits, civil penalties, and other equitable relief, and direct the Office of Government Ethics to refer credible evidence of violations to the Justice Department and Congress.

"Americans are tired of a system where powerful politicians can profit from public office while families pay the price,” said Brian Lemek, Defend the Vote Action Fund Executive Director. “We applaud Senator Padilla and Congresswoman Salinas for leading the fight against corruption by introducing the Stop Corrupt Trading Act and taking an important step toward restoring trust in government. Public service should be about serving the American people—not personal financial gain."

"Hardworking Americans deserve public officials who work in the public interest, not for private gain to line their own pockets. Donald Trump has abused the presidency by profiting off cryptocurrency schemes, controversial settlements, and now, selling early access to market-moving non-public information through Truth Social," said Virginia Canter, Anticorruption and Ethics Chief Counsel and Director at Democracy Defenders Action. "This new pay-to-play scheme is just another reminder that Trump is willing to sell access to government policy to the highest bidder. We thank Congresswoman Salinas for introducing the Stop Corrupt Trading Act to help curb Trump's lawlessness, and we urge Congress to pass this and related anti-corruption legislation to rein in an out-of-control Administration."

This legislation is endorsed by Public Citizen, Citizens for Responsibility and Ethics in Washington (CREW), and Defend the Vote Action Fund.

Click hereto view the full text of the legislation.