The Congress is moving forward with a bill that prohibits lawmakers and their families from trading individual stocks. This law is called the "Ethics Act", and it was recently approved by a committee in the Senate, which is an important step. If passed, members of Congress, their spouses, and family members will not be allowed to buy or sell individual stocks, commodities, or futures while in office.
The aim of this law is to reduce conflicts of interest and increase transparency. Violating the rules could result in fines - either one month's salary or 10% of the asset's value, whichever is higher. This law has strong public support, with over 85% of Americans backing such a ban.
The bill still needs a full vote in the Senate before it becomes law. If enacted, it could change the way politicians manage their investments and potentially enhance trust between the public and elected officials.
