A group of bipartisan senators have introduced a bill to ban members of Congress from trading stocks. This bill aims to address the issue of potential conflicts of interest and insider trading among lawmakers. It has garnered support from both sides of the aisle and could have significant implications for the ethical standards of Congress.
The bill, “Ban Congressional Stock Trading Act.”, has been introduced by a bipartisan group of senators, and aims to prohibit members of Congress and their spouses and dependents from owning and trading individual stocks, commodities, futures, and other securities. This move is seen as a response to growing concerns over potential conflicts of interest and insider trading among lawmakers.
The bill has been supported by both Democrats and Republicans and it is that such a ban would help to restore public trust in Congress by ensuring that lawmakers are not profiting from their positions of power and access to sensitive information.
🚨Momentum for my bipartisan bill to ban Members of Congress from buying, trading, and selling individual stocks is continuing to build!
— Rep. Abigail Spanberger (@RepSpanberger) May 29, 2024
Welcome @RepMikeLawler as the newest cosponsor of my TRUST in Congress Act.#StopTheTrades
The bill would still allow members of Congress and their families to invest in widely held investment funds or Treasury bonds, as well as make contributions to the government’s retirement plan. This is to ensure that they can still participate in the broader market without being able to use their positions for personal gain.
Violations of the proposed law would be subject to civil penalties, including fines of at least 10% of the value of the prohibited investments. The bill also requires members or covered family members who currently own individual stocks to divest or place them in a “qualified blind trust.”
This legislation has garnered significant public support, with more than 80% of individuals of all political persuasions in favor of banning individual stock trading by members of Congress. This reflects a widespread belief that such a ban would help to ensure the integrity of Congress and prevent lawmakers from using their positions for personal gain.