GOP Rep Reed: Members of Congress Shouldn’t Be Allowed to Sit on Boards of Publicly-Traded Companies

On Thursday’s broadcast of “CNN Newsroom,” Representative Tom Reed (R-NY) stated that members of Congress should not be allowed to sit on the boards of publicly-traded companies.

Reed declined to say Representative Chris Collins (R-NY) should resign, stating the decision is up to Collins and his family.

Anchor Poppy Harlow then asked Reed if it should be legal for a member of Congress to be on the board of a publicly-traded company and profit from that position.

Reed answered, “Well, you know, as we look at our ethics laws, always open to additional reforms.”

After Harlow pressed, Reed stated it was a “fair question.”

He added, “[T]hat type of conflict of interest, I don’t think is allowed under existing rules, though, to profit from your position as a member of Congress. But we’ll take a look at that. But I mean, obviously, any type of conflict of interest, we need to do a better job in Congress to send the message to the people that we’re making sure that the integrity of the House is in place, and that no one is above the law.”

Harlow again asked if a member of Congress should be allowed to sit on the board of a publicly-traded company.

Collins initially stated that “there’s a serious question there that needs to be answered.” After Harlow pressed for Reed’s answer to that question, he said, “I would agree with you. That is an area of reform that needs to occur.”

He further stated that barring members of Congress from sitting on the boards of publicly-traded companies “makes some sense to me, as additional reforms going forward.”

Follow Ian Hanchett on Twitter @IanHanchett


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