According to The Daily Wire’s report,bipartisan attempts have been reintroduced to ensure that Congress members are subject to checks. This prevents them from trading individual stocks during their time in office.
From Daily Wire:
A number of prominent lawmakers were accused of using their intimate knowledge of forthcoming regulations to buy stocks at the right time or reduce losses by selling shares. Rep. Pramila Jayapal (D.WA), Rep. Matt Rosendale, (R-MT), as well as Rep. Ken Buck (R.CO) introduced legislation Tuesday that would prohibit the trading of individual stocks and commodities by legislators and their spouses. It also establishes a $50,000 civil penalty for each violation by the Department of Justice or the United States Office of Special Counsel.
Buck stated in a press statement that “it’s time for Washington to do what is right and ban members of Congress using their elected positions to enrich themselves.” “Members receive information that is not available to the public. It is wrong for elected officials then to invest in stocks or buy stock using this inside information. This information is used only for official business purposes and not to benefit stock portfolios. The American people should have faith in Congress.
Members of Congress who are newly elected would be able to de-invest their shares during a transition period. They could also defer taxation for gains they make from investments that they have sold.
Read more at The Daily Wire:
New Bill Would Fine Lawmakers Hefty Sum If They Are Caught Trading Individual Stocks https://t.co/Ds3f9BqljZ pic.twitter.com/oRSAOxKQWL
Daily Wire News (@DailyWireNews March 22, 2023
