Bipartisan representatives reintroduce bill to ban stock trading or ownership for members of Congress
A group of bipartisan representatives have introduced a bill that would ban members of Congress and their spouses from owning or trading stocks. The bill, introduced by Reps. Pramila Jayapal, Matt Rosendale (R-MT), and Ken Buck (R-CO), would also ban members from owning other securities, derivatives or any other complex investment vehicle, but allows them to hold common and widely-held funds without presenting a conflict of interest.
The bill would include a $50,000 fine for each individual violation and will push for more severe punishments for violators. This newest version of the bill goes further than previous bills and clarifies what types of investments are allowed and banned. The reintroduced bill follows two similar bills proposed earlier this year that failed to pass. Reps. Abigail Spanberger (D-VA) and Chip Roy (R-TX) reintroduced the Trust in Congress Act in January requiring members of Congress, their spouses, and dependent children to put all stock investments in a blind trust until they leave office. Sen. Josh Hawley (R-MO) also proposed the Preventing Elected Leaders from Owning Securities and Investments Act, aka the PELOSI Act, in February, which was never passed.
“Members of Congress are elected to serve the people, not our own financial interests. As long as members and their spouses are allowed to trade individual stocks – the door to corruption remains open. This legislation is a long overdue, necessary step to raise the ethical standards of Congress and restore the people’s trust in our work,” said Jayapal, as quoted on her website.
“We’ve made strides to ensure that Congress returned to an honest and properly functioning legislative body – ending insider trading by Members is another crucial step that will restore public confidence in our institutions,” Rosendale said.
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Hawley also introduced a similar bill earlier this month that would apply to the executive branch.
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