the staff of the Ridgewood blog
FLEMINGTON NJ , Congressman Leonard Lance (NJ-07), is now the first and only New Jersey member of Congress to cosponsor legislation outlawing members of Congress from serving on the boards of publicly-held companies. Lance joins the bipartisan leads of U.S. Representatives Tom Reed (NY-23) and Kathleen Rice (NY-04) in offering the resolution to change the rules of the House.
“I try to lead by example with integrity in public service and I am pleased to join this bipartisan resolution. Members of Congress should not be allowed to serve on the board of a corporation. The work of Congress has a profound effect on the economy and such arrangements are ripe for abuse,” said Lance.
The U.S. House does not prohibit lawmakers from serving on the boards of publicly-held companies, however the U.S. Senate has such a rule. The House measure Lance is backing is similar to Senate Rule 37.6(a), which states 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.”
“It is time to change the rules,” Lance concluded.
