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Senators strike bipartisan deal for a ban on stock trading by members of
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SENATORS STRIKE BIPARTISAN DEAL FOR A BAN ON STOCK TRADING BY MEMBERS OF
CONGRESS

Published Wed, Jul 10 202412:59 PM EDTUpdated Wed, Jul 10 20242:17 PM EDT
Rebecca Picciotto@beccpicc
WATCH LIVE
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Key Points
 * A bipartisan group of senators reached a new agreement on legislation that
   would ban members of Congress from trading stocks.
 * The deal would forbid members of Congress their spouses and dependent
   children, as well as the president and vice president, from purchasing and
   selling stocks while in office.
 * The proposal is the latest chapter in a yearslong saga to limit lawmakers’
   ability to play the stock market. Ethics experts say that legislators’ access
   to the kind of information they receive gives them the potential of having an
   unfair advantage to the investing public.

Senator Jeff Merkley (D-OR) speaks alongside members of the U.S. Senate Banking,
Housing, and Urban Affairs Committee during a news conference to discuss the
details of the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act
at the U.S. Capitol in Washington, D.C., U.S., April 18, 2023. 
Sarah Silbiger | Reuters

A bipartisan group of senators on Wednesday launched a renewed effort to ban
members of Congress from trading stock.

“Congress should not be here to make a buck,” Sen. Josh Hawley, R-Mo., said at a
press conference Wednesday on Capitol Hill. “There is no reason why members
of Congress ought to be profiting off of the information that only they get.”



The proposal is the latest chapter in a yearslong saga in Congress to pass
regulations that limit lawmakers’ ability to buy and sell stocks, and the first
one to get formal consideration by a Senate committee — in this case the
Homeland Security & Governmental Affairs Committee on July 24.

Ethics experts say that legislators’ access to the kind of information they
receive gives them the potential of having an unfair advantage to the investing
public.

Wednesday’s amendment to an existing stock trading ban bill would immediately
forbid members of Congress, the president and the vice president from purchasing
stocks and other covered investments. It would also give lawmakers 90 days to
sell their stocks.

Sens. Hawley, Jon Ossoff, D-Ga., Jeff Merkley, D-Ore., and Gary Peters, D-Mich.,
negotiated and announced the new details.

If passed, the bill would also prohibit lawmakers’ spouses and dependent
children from trading stocks, beginning March 2027. Also starting that year, the
U.S. president, vice president and all members of Congress would have to divest
from any covered investments.



The penalty for violating the divestment mandate, as proposed by the senators,
would cost a lawmaker the greater amount of either their monthly salary, or 10%
of the value of each covered asset in violation.

The effort to bar members of Congress from trading stocks has been an uphill
battle since at least the start of the Biden administration.

Ossoff first introduced a ban in 2021 and put his own stock portfolio in a blind
trust as an example.

The effort was turbocharged by disclosures that several senators made very
profitable trades in the early days of the Covid-19 pandemic, when members of
Congress were getting classified briefings that warned of how disastrous the
virus could be for the U.S. economy. The FBI launched insider trading
investigations into three senators, but eventually ended the probe without
making any charges.

The effort picked up more steam ahead of the 2022 midterm elections, after
former Democratic House Speaker Nancy Pelosi dropped her opposition to it.

Pelosi’s husband is a multimillionaire investor Paul Pelosi, who regularly makes
large and profitable stock trades. The then-speaker had previously written off
the trading ban as a misguided effort to prevent lawmakers from participating in
the “free market economy.”


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