NewsNation: House bipartisan duo push to ban congressional stock trading

NEWSNATION, JOE KHALIL

A bipartisan duo of House lawmakers is pushing legislation to ban members of Congress from trading stocks while in office.

At the heart of the issue: Senators and representatives regularly get classified briefings about subjects that impact the markets and they’re able to use that information, which the rest of the public doesn’t have, to buy, sell, trade and profit.

Democratic Rep. Abigail Spanberger, of Virginia, is expected to publish a letter Friday demanding the issue gets a public hearing.

Spanberger and Republican Rep. Chip Roy, of Texas, a co-sponsor of the bill, both said it’s fundamentally unfair and should be criminalized.

“We are long overdue for a vote on legislation to ban Members of Congress and their spouses from trading individual stocks,” Spanberger said in a statement.

The legislation would require members of Congress, their spouses and their dependent children to put certain investment assets into a qualified blind trust while the member is in office.

‘100% preventable’: Federal safety hearing to probe Ohio derailment
This isn’t a new issue, lawmakers trading stocks have been the subject of increasing scrutiny for many years.

However, it was thrust into the public eye much more clearly around the coronavirus pandemic.

NewsNation spoke with some members of Congress who said they were disgusted watching their fellow lawmakers buy up stock in pharmaceutical companies, companies that make work-at-home software, cleaning supplies and products, just before the pandemic hit.

Several members of Congress were scrutinized for their financial transactions during the early days of the pandemic when members of Congress received closed-door briefings that warned of an impending financial crash.

This issue includes both Democrats and Republicans; about 20% of Congress currently owns and trades stock.

Meanwhile, this isn’t the first time there has been an attempt to address this issue. Previously, Congress passed the Stop Trading on Congressional Knowledge Act, or the STOCK Act, to curtail congressional insider trading. The act quickly became unenforceable. The Stock Act had no teeth due to the Constitution’s “speech and debate” clause, which provides members of Congress with immunity from civil and criminal legal action based on the performance of legislative duties.

Recent Posts


Feb 29, 2024
Press

During Black History Month, Spanberger Introduces Bill to Name Fredericksburg Post Office for Civil Rights Leader, Gladys P. Todd

Gladys P. Todd Was A Revered School Teacher, Voting Rights Advocate, & Community Organizer in Fredericksburg WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today introduced legislation to rename a Fredericksburg post office after Gladys P. Todd, a prominent leader in the Fredericksburg civil rights movement. Located at 1285 Emancipation Highway in Fredericksburg, the post office […]



Feb 28, 2024
Infrastructure

Spanberger Leads Virginia Lawmakers in Working to Protect $30 Internet Discount for Virginia Families, Fund Affordable Connectivity Program

The “Affordable Connectivity Program” Right Now Helps More than 455,000 Virginia Households Afford High-Speed Internet WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today led members of the Virginia congressional delegation in a bipartisan effort urging the U.S. House Committee on Appropriations to extend funding for a key discount program that allows more Virginia families to […]



Feb 26, 2024
Womens' Issues

In Wake of Alabama Supreme Court Ruling, Spanberger Joins Bicameral Effort to Protect Access to IVF

Congresswoman: “This Ruling Sets a Dangerous Precedent” WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today backed legislation to protect every American’s right to access in-vitro fertilization (IVF) following the Alabama Supreme Court’s ruling that frozen embryos are children under the law. On February 16, 2024, the Alabama Supreme Court ruled that frozen embryos — or […]