WASHINGTON (Gray DC) – In a rare moment of bipartisanship, several House Republicans and Democrats introduced a new bill on Wednesday that would ban stock trading for members of Congress.
“It is time for the leadership of Congress on both sides of the aisle to do what the American people have been demanding, which is to end day trading by members of Congress,” said Rep. Chip Roy (R-TX), the leader sponsor of the bill, the Restore Trust in Congress Act.
For years, members have tried and failed to pass similar bills that would prohibit stock trading for congressional lawmakers. But now, there appears to be much more momentum to address the issue, with lawmakers uniting and combing their previous trading ban bills into one.
“I think that this issue has brought so many of us across the political spectrum together because we are united by the value that people should feel, that their elected representative puts them and their interests first. And that we here first and foremost, to do the job that the public has sent us to do,” said Rep. Alexandria Ocasio-Cortez (D-NY).
The bill gets at the heart of the idea that members of Congress unfairly benefit from decisions and information that could impact the markets.
“This is a group of individuals who are fighting because it is unfair that members of Congress are trading on insider information and performing 60 % better than most of the trading companies in New York City,” said Rep. Zach Nunn (R-IA).
If passed, the legislation would ban all lawmakers in the House and Senate from owning or trading individual stocks. Their spouses, dependent children and trustees would be banned from trading as well.
President Donald Trump and House Speaker Mike Johnson (R-LA) have backed a ban on congressional stock trading in the past.
It is unclear if the latest bill can make it through both chambers, but many of the lawmakers backing it say they are determined to do what it takes to get the bill through.
“We expect it to move the regular order. And if it doesn’t get to the regular order, then we’ll, decide what we need to do to make sure that it gets a vote. But it will get a vote,” said Rep. Roy.
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