Twenty-seven lawmakers propose bill to ban members of Congress from buying and trading stocks

Twenty-seven lawmakers propose bill to ban members of Congress from buying and trading stocks

A group of 27 lawmakers from both parties have come together and asked Congress to ban members of Congress from buying or trading stocks while in office.

In a Monday letter addressed to House Speaker Nancy Pelosi (D-Ca.) and Senate Minority Leader Kevin McCarthy, the lawmakers urged Congress to “swiftly bring legislation to prohibit members of Congress from owning or trading stocks, such as the Ban Conflicted Trading Act or the TRUST in Congress Act, to the House floor.” Several such bills have been introduced recently.

The letter refers to an existing law against such trading, saying, “As you know, Congress passed the STOCK Act in 2012 in an attempt to prevent members of Congress from using congressional knowledge to their advantage in stock trading.”

The letter continues, “However, one recent investigation found that the STOCK Act had been violated hundreds of times just since 2020. It’s clear the current rules are not working.”

Investigations into some stock trading and buying by Congress members before the onset of COVID-19 may have violated the STOCK Act, including GOP Senator Richard Burr (SC) who is currently being investigated by the SEC.

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