*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).
President Donald Trump’s doubling of tariffs on foreign steel and aluminum could hit Americans in an unexpected place: grocery aisles.
The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court’s decision.
President Donald Trump wants the world to know he’s no “chicken” just because he’s repeatedly backed off high tariff threats.
Wall Street is rallying after President Donald Trump delayed a 50% tariff on goods coming from the European Union.
Almost four dozen Venezuelan workers who had temporary protected status have been put on leave by Disney after the U.S. Supreme Court allowed the Trump administration to strip them of legal protections.
U.S. stocks are falling after President Donald Trump threatened 50% tariffs on the European Union that could begin in a little more than a week.
House Republicans stayed up all night to pass their multitrillion-dollar tax breaks package.
President Donald Trump has implored House Republicans on Capitol Hill to drop their fights over his budget.
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Senate Democrats have blocked legislation to regulate a form of cryptocurrency after arguing that the bill needed stronger protections.
