U.S. Senators Mark Kelly and Jon Ossoff introduced legislation to ban members of Congress and their families from buying and selling stocks while in office.
In a move widely praised by government groups across the political spectrum, the Ban Congressional Stock Trading Act will require all members of Congress, their spouses, and dependent children to place their stock portfolios into a blind trust — ensuring they cannot use inside information to influence their personal stock trades and make a profit.
Members of Congress who violate the bill will be fined in the amount of their entire Congressional salary.
According to an Insider report, Kelly and Ossoff are two of only ten sitting members of Congress to put their own stock portfolios in blind trusts. Insider identified only six senators and four House members with qualified blind trusts.
The other senators were Sens. Dianne Feinstein of California, Joe Manchin of West Virginia, Tammy Baldwin of Wisconsin, and John Hoeven of North Dakota.
The House members were Reps. Dean Phillips of Minnesota, Carolyn Maloney of New York, Eddie Bernice Johnson of Texas, and Tom Malinowski of New Jersey.
According to a report from The Hill, 76% of voters believe members of Congress and their spouses should not be allowed to trade stocks while in office. The Convention of States Action poll found that 70 percent of Democrats, 78 percent of Republicans, and nearly 80 percent of independents say members of Congress should not be allowed to trade stocks.
“Since I took office, I have remained focused on making Washington work for Arizonans. This includes making Washington more accountable and transparent. Elected leaders have access to valuable information that impacts policy, the economy, and entire industries. This legislation I am introducing with Senator Ossoff will put an end to corrupt insider trading and ensure that leaders in Congress focus on delivering results for their constituents, not their stock portfolios,” Sen. Kelly stated.
“Members of Congress should not be playing the stock market while we make federal policy and have extraordinary access to confidential information,” Sen. Ossoff commented.
The Ban Congressional Stock Trading Act has been endorsed by several leading ethics reform groups, including the Project on Government Oversight (POGO), American Taxpayers Union, Taxpayers Protection Alliance, FreedomWorks, and Issue One.
