*Carlo Versano*
As his Republican colleague Rep. Chris Collins prepares to defend himself against charges of insider trading, Congressman Tom Reed has said he will introduce bipartisan legislation in September banning House members from serving on corporate boards.
It's a measure designed to eliminate "potential conflict and the appearance of impropriety," Reed said Tuesday in an interview with Cheddar.
Members of the House have long enjoyed the benefit of being able to serve on boards of public companies, a practice that has come under scrutiny after Collins's indictment last week.
Reed and Rep. Kathleen Rice, a New York Democrat, will propose rules similar to those in the Senate that prohibit Senators from serving on corporate boards ー even if they're not being paid by the company.
As it stands, members of Congress must disclose their board seats, but Reed wants to go further: "These types of conflicts should be avoided at all costs," he said.
Reed said there will be potential "carve-outs" for philanthropic work in his legislation, allowing members to remain on the boards of charities they support.
Unlike their Senate counterparts, members of the House have been allowed to sit on corporate boards even after they were elected to Congress. But, Reed said the House rules are too broad and don't prevent conflicts of interest.
Last week, Collins was accused of tipping off family members about a failed drug trial by an Australian biotech. Collins and his son own a stakes in the firm and the Congressman sits on the company's board.
Collins has denied any wrongdoing and since dropped out of his re-election race.
That was the "right call," Reed said.
"The district that Chris represents is a solid Republican district," Reed said. "There's a long list of candidates stepping forward on the Republican side."
For more on this story, [click here](https://cheddar.com/videos/rep-tom-reeds-push-for-change-in-corporate-boards).
A new report finds the Department of Government Efficiency’s remaking of the federal workforce has battered the Washington job market and put more households in the metropolitan area in financial distress.
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Federal Reserve Chair Jerome Powell on Tuesday signaled a cautious approach to future interest rate cuts, in sharp contrast with other Fed officials who have called for a more urgent approach. In remarks in Providence, Rhode Island, Powell noted that there are risks to both of the Fed’s goals of seeking maximum employment and stable prices. His approach is in sharp contrast to some members of the Fed’s rate-setting committee who are pushing for faster cuts.
President Donald Trump’s efforts to reshape the American media landscape have led to the suspension of late-night comedian Jimmy Kimmel.
Ben & Jerry’s co-founder Jerry Greenfield is leaving the ice cream brand after 47 years. He says the freedom the company used to have to speak up on social issues has been stifled
The Federal Reserve cut its key interest rate by a quarter-point Wednesday and projected it would do so twice more this year as concern grows at the central bank about the health of the nation’s labor market. The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy. The only dissenter was Stephen Miran, the recent Trump-appointee.
After a late-night vote and last-minute ruling, the Federal Reserve began a key meeting on interest rate policy Tuesday with both a new Trump administration appointee and an official the White House has targeted for removal.
The Trump administration has issued its first warnings to online services that offer unofficial versions of popular drugs like the blockbuster obesity treatment Wegovy.
Albania's Prime Minister Edi Rama says his new Cabinet will include an artificial intelligence “minister” in charge of fighting corruption. The AI, named Diella, will oversee public funding projects and combat corruption in public tenders. Diella was launched earlier this year as a virtual assistant on the government's public service platform. Corruption has been a persistent issue in Albania since 1990. Rama's Socialist Party won a fourth consecutive term in May. It aims to deliver EU membership for Albania in five years, but the opposition Democratic Party remains skeptical.
