WASHINGTON (NEXSTAR) - According to public records, several lawmakers on Capitol Hill buy and sell stocks but some members are concerned their colleagues use their positions and insider knowledge for financial gain. "Members of Congress, when we make decisions, should be making them based on what is best for the American people, not what is best for our own personal finances," Rep. Seth Magaziner (D-R.I.) said. That's why Magaziner and Rep. Chip Roy (R-Texas.) reintroduced a bill to ban members of Congress and their immediate families from trading stocks. "This is a reform that is long overdue, that the American people have a right to expect from us," Magaziner said. "They're tired of people who come here and effectively profiteer. And it's just common sense," Roy said. The legislation would also require members of Congress to place their investments in a blind trust while in office. "What you can't do is be day trading and actively trading on the very things you're regulating and voting on," Roy said. President Joe Biden supports the idea. "We need to ban members of Congress from trading stock while they're in Congress," the president said. Not all lawmakers are on board, arguing the bill may go too far. "I just think that we've made too big of a deal about, oh no, these people only come here to make money," Rep. Mike Kelly (R-Pa.) said. Kelly said you can't have a one-size-fits-all bill for regulating stock trading by members of Congress. "I think you can have oversight. I think you have guidelines," Kelly said. Magaziner and Roy remain optimistic more members will join them in supporting the bill.