Bipartisan group of senators attempt to pass congressional stock trading ban

By 
 July 12, 2024

These days, there isn't much that Democrats and Republicans can come together on in Congress.

However, there is a bill, which is currently in the form of a deal, that could change that and score a major public relations win for both sides of the political aisle.

According to reports, Democratic and Republican senators have hammered out a potential bill that would ban members of Congress, their immediate families, and the president and vice president from trading stocks.

The bill proposal comes in the wake of far too many sitting members of Congress striking it rich on the market, which many believe comes as a result of insider information.

What's going on?

Experts in ethics mostly agree that members of Congress, by the nature of their elected jobs, are privy to information that most of the public is not, which gives them an unfair advantage on the market.

For instance, former House Speaker Nancy Pelosi (D-CA) and her husband have taken in multiple windfalls on the market, and many believe it's not because they're Wall Street geniuses, but rather they're using inside information to make consistently profitable trades.

"Congress should not be here to make a buck," Sen. Josh Hawley (R-MO) said at a press conference Wednesday. "There is no reason why members of Congress ought to be profiting off of the information that only they get."

The report noted:

Wednesday's amendment to an existing stock trading ban bill would immediately forbid members of Congress, the president and the vice president from purchasing stocks and other covered investments. It would also give lawmakers 90 days to sell their stocks.

The bipartisan effort was put into play by "Sens. Hawley, Jon Ossoff, D-Ga., Jeff Merkley, D-Ore., and Gary Peters, D-Mich."

Should the bill pass, beginning in 2027, spouses and dependent children of the elected congresspeople would also be ineligible to trade on the market, along with the president and vice president.

Why's it happening?

Several senators were investigated after they made profitable trades at the beginning of the pandemic, conveniently when members of Congress were given classified briefings on how the pandemic would affect the U.S. economy.

While no charges were ultimately brought against the senators, the situation was terrible for optics, and the average working-class American wanted to know how members of Congress enter elected office with not much money, and end their careers as millionaires.

Several senators finally banded together in an effort to tackle the issue.

Only time will tell if they're able to get the bill passed.

" A free people [claim] their rights, as derived from the laws of nature."
Thomas Jefferson