Lawmakers Push to Ban Congress Stock Trading Amid Trust Erosion Concerns
In a move aimed at restoring public trust in Congress, Republican and Democratic senators have introduced the "Restore Trust In Congress Act", a bill that would prohibit lawmakers from trading stocks. The legislation has garnered bipartisan support as concerns over congressional ethics continue to grow.
Under the proposed law, members of Congress would be required to divest their stock holdings within 180 days of taking office, with newly elected lawmakers getting an extended period of 90 days. Family members of lawmakers would also be barred from trading stocks, a provision aimed at preventing circumvention by transferring assets to dependents or spouses.
However, exceptions would be made for "widely held, diversified investment funds like mutual funds and ETFs, as well as U.S. Treasury, state, and municipal bonds." The president and vice president would also be exempt from the legislation, although lawmakers emphasized that addressing this issue is a top priority for their constituents.
Support for the ban on congressional stock trading has been growing, with 86% of Americans polled in 2023 expressing support for such a measure. A similar bill was previously introduced by Reps. Chip Roy and Seth Magaziner, but it stalled. The new Senate bill has gained traction, with Sens. Kirsten Gillibrand and Ashley Moody as its primary sponsors.
Critics, however, have raised concerns that forcing lawmakers to sell their stocks could deter people from running for office. House Speaker Mike Johnson echoed these sentiments, stating that such a move could discourage good people from serving in Congress.
Despite the pushback, lawmakers seem determined to address the trust erosion issue head-on. As Gillibrand noted, "The time has come. We have consensus, and there's a drumbeat of people who want to get this done."
In a move aimed at restoring public trust in Congress, Republican and Democratic senators have introduced the "Restore Trust In Congress Act", a bill that would prohibit lawmakers from trading stocks. The legislation has garnered bipartisan support as concerns over congressional ethics continue to grow.
Under the proposed law, members of Congress would be required to divest their stock holdings within 180 days of taking office, with newly elected lawmakers getting an extended period of 90 days. Family members of lawmakers would also be barred from trading stocks, a provision aimed at preventing circumvention by transferring assets to dependents or spouses.
However, exceptions would be made for "widely held, diversified investment funds like mutual funds and ETFs, as well as U.S. Treasury, state, and municipal bonds." The president and vice president would also be exempt from the legislation, although lawmakers emphasized that addressing this issue is a top priority for their constituents.
Support for the ban on congressional stock trading has been growing, with 86% of Americans polled in 2023 expressing support for such a measure. A similar bill was previously introduced by Reps. Chip Roy and Seth Magaziner, but it stalled. The new Senate bill has gained traction, with Sens. Kirsten Gillibrand and Ashley Moody as its primary sponsors.
Critics, however, have raised concerns that forcing lawmakers to sell their stocks could deter people from running for office. House Speaker Mike Johnson echoed these sentiments, stating that such a move could discourage good people from serving in Congress.
Despite the pushback, lawmakers seem determined to address the trust erosion issue head-on. As Gillibrand noted, "The time has come. We have consensus, and there's a drumbeat of people who want to get this done."
. Can't say I blame anyone for wanting to restore public trust in Congress. It's not like they're being transparent about their investments already 
. And yeah, the exceptions for mutual funds and bonds might be a bit of a stretch, but at least it's a start.
. And we all know how 'widely held' investment funds can get 
. Anyway, 86% support for the ban isn't bad 
. Time will tell if this bill actually makes a difference in the long run 
.
. But hey, if it helps them get re-elected, that's a different story 
.
! I mean, can you blame them? It seems like members of Congress just can't seem to put country over cash 
. The idea of lawmakers selling their stocks and taking a pay cut sounds kinda fair to me...I guess it's one way to reduce the influence of money in politics 
. I'm not sure about the exceptions for investment funds tho, that seems like a bit of an loophole 
...
. and honestly, who's even tracking how much their representatives' stock holdings change anyway? seems like a waste of time to me 
. But on the other hand, I don't know if banning stock trading for lawmakers is gonna solve much 
The fact that people are actually gettin' paid to trade stocks while makin' decisions that affect the whole country is a huge red flag. 
We need to find a balance between holding them accountable and making sure they're still motivated to serve the country, you know? 
! It's about time some accountability is thrown at those folks in Washington. I mean, can you blame us? We're sick of hearing about corruption and shady dealings on the Hill. If they're too cowardly or greedy to take the hit themselves, maybe someone needs to be a little uncomfortable with their own stock portfolio 
. And honestly, who wouldn't want to see some serious changes in DC? The whole thing is just so... corrupt 
.
I'm thinking... if they make them sell their stocks, will it really stop them from trading or just make 'em more sneaky? 
It's like trying to put a lid on a leaky bucket - you might slow it down, but it'll still keep draining! 
Can we really trust them after they've already broken the trust? 
.