Nothing currently prevents House members from sitting on the boards of privately-owned businesses, but a ban is among many provisions of a broad election-reform and anti-corruption measure Democrats have introduced in both houses. Ethics rules for the House, as well as the Senate, do prohibit members from serving on the boards of publicly traded companies.
The change would affect at least 15 House members involved in a range of private companies, according to Sludge, a nonprofit news service covering lobbying and money in politics. Rep. Vern Buchanan, a Florida Republican, earned at least $3.6 million in 2018 from roles in 29 different businesses, according to Sludge's analysis. Such ties create potential conflicts of interest. “It is not uncommon for House members to work on advancing legislation” benefiting specific industries where they may have holdings, it reports.