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Calls Are Growing To Ban US Politicians And Their Families From Trading Stocks
Published
American politicians could soon be banned from trading stocks.
There has been a growing campaign to stop lawmakers from working the stock market due to their inside knowledge on what policies or pieces of legislation will be introduced or fail.
House Speaker Nancy Pelosi fanned the flames of the issue when she said policymakers should be free to participate in the free-market.
Business Insider revealed 52 members of Congress have violated the anti-insider trading STOCK Act while in power.
There are now several initiatives aimed at preventing politicians from being too heavily involved in the stock market.
The Ban Conflicted Trading Act and the TRUST in Congress Act would prevent Congress members from trading stocks while they're in office.
They would be allowed to hold onto the investments they had before being elected, or they could be forced to put those stocks into a blind trust.
The proposal would also permit lawmakers to invest in index and mutual funds.
Abigail Spanberger's TRUST in Congress Act currently has 10 Democrats co-sponsoring the bill.
Senator Elizabeth Warren is planning on reintroducing her Anti-Corruption and Public Integrity Act, which included a stock trading ban.
It was previously proposed in 2018 and was much broader in scope as it tackled a variety of ethics issues.
Senator Jon Ossoff is also planning to introduce something similar to the TRUST in Congress Act, according to The New York Post.
He's reportedly seeking a Republican to co-sponsor it with him before he presents it to Congress. His proposal goes a step further by also banning a politicians's family from also trading stocks.
Insider reports no Senate Republicans have publicly backed the campaign to prevent politicians from trading stocks.
However, several House Republicans have backed proposals to stop the practice.
While support for the idea might appear murky in Washington, it's very clear amongst the American public.
A recent poll revealed three quarters of voters are against politicians trading in stocks and want it to end.
Convention of States Action's research discovered 76 percent of Americans reckon lawmakers and their spouses have an 'unfair advantage' when it comes to knowing which stocks to invest in.
The group's president, Mark Meckler, said: "In an era of hyper-partisanship, voters in all parties agree that members of Congress should not be enriching themselves using 'insider information' while serving the people.
"This issue has received a lot of attention, and this data verifies the American people want this practice to end once and for all."
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