"So if they're not breaking the law, they're certainly creating an appearance of impropriety," Gillibrand said. From 2019 to 2021, there were 97 members, their spouses or dependents, who traded in companies affected by their committees. Although the act sought to create transparency, Gillibrand said several members violated the act and improperly reported their stock trades, and others found loopholes. The bill builds on the STOCK Act, a federal law that forbids members from trading non-public information received from their jobs. This is one of several attempts in the Senate to ban or limit stock trading by Congress members. Another survey conducted by the University of Maryland's School of Public Policy found a broad 87% of bipartisan majorities favor prohibiting the president, vice president and the Supreme Court from trading stocks in individual companies, too. The bill, Ban Stock Trading for Government Officials Act would bar stock trading and stock ownership - even in blind trusts - for members of Congress, the president, vice president, and senior executive branch officials, including their spouses and dependents.Ī national poll by Morning Consult and Politico shows 68% of registered voters support banning stock trading for members of Congress. "And they don't expect members of Congress to make money off of their jobs, particularly through the stock trade." "From the American people's perspective, they want members of Congress to come to Washington to work for them," Gillibrand said. If used improperly, she says, that could give lawmakers and their families an unfair advantage in the stock market. Josh Hawley, told Morning Edition on Thursday she's standing behind the proposed bill because lawmakers have access to information that the public does not. New York Democrat Kirsten Gillibrand, who is sponsoring the legislation along with Republican Sen. senators plan to introduce bipartisan legislation to ban lawmakers, executive branch officials and their families from trading and owning stock in individual companies, which they say has strong support from Americans.
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