*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 said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
