Congress Trading Ban: A Call for Transparency and Accountability
The US Congress is considering a ban on stock trading by its members, sparking debate and discussion about the ethics of lawmakers profiting from their positions. This move is driven by concerns over insider trading and the potential for conflicts of interest.
*Background*
The issue gained traction after President Donald Trump's tariff actions caused market fluctuations, leading some Democratic lawmakers to question whether congressional Republicans benefited from the market changes. Rep. Alexandria Ocasio-Cortez and Sen. Jon Ossoff have been vocal about banning stock trading in Congress, citing the need to maintain public trust.
*Proposed Legislation*
Several bills have been introduced to address this issue ¹ ² ³:
- *The TRUST in Congress Act*: This bipartisan bill, reintroduced by Rep. Chip Roy and Rep. Seth Magaziner, would require members of Congress and their families to place investment assets into a qualified blind trust.
- *The ETHICS Act*: Introduced by Sens. Jeff Merkley, Josh Hawley, Jon Ossoff, and Gary Peters, this bill would completely ban members of Congress and their families from trading stocks while in office.
*Key Provisions*
- Banning members of Congress from buying stocks and other covered investments
- Prohibiting members from selling stocks 90 days after enactment
- Requiring spouses and dependent children to divest from covered investments
- Mandating transparency through periodic trading reports
*Public Support*
A significant majority of Americans, including Republicans, Independents, and Democrats, support banning stock trading by members of Congress. According to a 2023 poll, 68% of Americans favor such a ban, while another survey found 87% of bipartisan majorities support extending the ban to the president, vice president, and Supreme Court justices ⁴.
*Next Steps*
The Senate Committee on Homeland Security & Governmental Affairs is set to consider the bipartisan compromise later this month. If passed, this legislation would mark a significant step towards restoring public trust in Congress and ensuring that lawmakers prioritize the public's interest over personal financial gain.