A bipartisan group of United States senators has renewed efforts to push through laws that will ban members of Congress from trading stocks.to House Speaker Mike Johnson and Democratic Leader Hakeem Jeffries, a bipartisan group of 20 senators proposed an amendment to the Stop Trading on Congressional Knowledge Act of 2012 to stop lawmakers from stock trading.US Senator Josh Hawley at a press conference.
The Senators also noted that 97 members had traded stocks where the committees they oversaw had a direct impact and that members of Congress had, on average, outperformed the S&P 500 by 17.5%.that found that one in seven sitting members of Congress had violated the STOCK Act between 2021 and 2023. Additionally, it would ban the sitting President, Vice President, and the spouses and dependent children of all sitting Congress members from trading stocks beginning in March 2027.The penalty for violating the new laws would be a fine of 10% of the value of the asset traded, a significant step up from the current penalty, which is just $250 per transgression.
“Members of Congress should be working in service of their constituents, not using their positions to line their own pockets,’ Senator Golden said in a July 9“Anyone who feels the same should have no problem voting for this common sense, long overdue step.”to the STOCK Act in January 2022, in a letter addressed to then-Speaker Nancy Pelosi and Minority Leader Kevin McCarthy.
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Bipartisan Senate group unveils bill to bar stock trading by members of Congress - Live UpdatesUnder the legislation, members would be “immediately” banned from trading stocks upon its signature by the president while spouses and children of elected officials would be barred beginning in March 2027.
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