Senators Unite Across Party Lines To Tackle Corruption: New Bill Bans U.S. Lawmakers From Owning Stocks While In Office

Written By BlabberBuzz | Thursday, 20 July 2023 02:30 PM
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Senators Unite Across Party Lines To Tackle Corruption: New Bill Bans U.S. Lawmakers From Owning Stocks While In Office

A bipartisan duo of senators is set to introduce legislation this week that would prohibit U.S. lawmakers and members of the executive branch from owning stock while in office.

Senators Josh Hawley (R-Mo.) and Kirsten Gillibrand (D-N.Y.) will present the legislation in the Senate, according to a report by the Wall Street Journal. The proposed law would prevent those affected from owning stocks in individual companies, even through a blind trust.

The ban would apply to U.S. senators, representatives, Capitol Hill aides, the president, vice president, and employees of the executive branch. Gillibrand emphasized the importance of elected leaders prioritizing the public's interests over personal financial gain, stating, "It is critical that the American people know that their elected leaders are putting the public first, not looking for ways to line their own pockets."

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This initiative is part of Hawley's ongoing efforts to combat insider trading in Congress. He argues that too many lawmakers have been able to amass wealth while neglecting their duty to serve their constituents. In January, Hawley introduced a similar bill, stating, "Members of Congress and their spouses shouldn't be using their position to get rich on the stock market."

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The need for such legislation became evident last year when it was revealed that Paul Pelosi, the husband of former speaker Nancy Pelosi, engaged in stock trading worth between $1 million and $5 million in semiconductor companies shortly before Congress allocated $52 million to the industry. To avoid any appearance of impropriety, the stocks were later sold at a loss.

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Other lawmakers and their spouses have also made advantageous trades, including Senator Richard Burr (R-N.C.), who sold investments after receiving classified briefings on the coronavirus pandemic.

According to the Wall Street Journal, the proposed law would still allow lawmakers to own mutual funds, as well as broad industry and index funds.

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