A bipartisan group of senators introduced a bill on July 10 that would prohibit members of Congress and other elected officials from trading stocks. Senators Jeff Merkley (D-Ore.), Gary Peters (D-Mich.), Josh Hawley (R-Mo.), and Jon Ossoff (D-Ga.) announced their agreement on the legislation, emphasizing the need to prevent conflicts of interest and the misuse of privileged information.
Mr. Ossoff highlighted the importance of the bill, stating, “Members of Congress should not be playing the stock market while we legislate and while we have access to confidential and privileged information. This is long overdue. This is necessary.” The proposed bill would require lawmakers to divest from any previous stock purchases by 2027 and would apply to various financial instruments such as securities, commodities, futures, and trusts.
Senator Merkley pointed out that members of Congress made over $1 billion from stocks last year, with their portfolios consistently outperforming the market. He expressed concerns about possible conflicts of interest arising from lawmakers’ stock trading activities, particularly when their investments align with industries affected by legislation they are involved in.
Senator Hawley echoed these sentiments, emphasizing the need for lawmakers to focus on their legislative duties rather than engaging in day-trading activities. He questioned why members of Congress should spend time trading stocks instead of addressing the priorities of the American people.
The bill, which will be considered for markup by the Homeland Security and Governmental Affairs Committee on July 24, marks a significant step toward addressing concerns about insider influence in congressional stock trading. If passed, it would prohibit individual stock trading among members of Congress, their spouses, and dependent children, requiring them to place stock assets into a blind trust to prevent the use of insider knowledge for personal gain.
In addition to the Senate bill, Representative Abigail Spanberger (D-Va.) and 19 lawmakers from both parties have called for a vote on the TRUST in Congress Act in the House. This bipartisan bill aims to establish similar restrictions on stock trading by members of Congress and their families, emphasizing transparency and accountability in financial transactions.
While previous legislation like the STOCK Act aimed to curb insider trading among lawmakers, recent investigations have revealed ongoing violations and abuses of privileged information for financial gain. Lawmakers have introduced various measures to address these issues, indicating a growing bipartisan consensus on the need to reform regulations governing congressional stock trading.
The Epoch Times has reached out to Speaker Mike Johnson’s office for comment on the proposed legislation.
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