(RepublicanReport.org) – For years, there’s been concern that lawmakers are profiting from insider trading. Many have benefitted significantly from information only available to them, raising ethical questions about the practice. A 2022 report by The New York Times showed that nearly 100 congressmen reported trades in companies that their committees influenced. Now, a bipartisan group of lawmakers is seeking to make sure it’s no longer allowed.
On Wednesday, July 10, several senators, including Gary Peters (D-MI), Jon Ossoff (D-GA), Jeff Merkley (D-OR), and Josh Hawley (R-MO), announced they reached a deal on a new bill that will be presented in the Upper Chamber later this month. If passed, it will prevent lawmakers from buying and selling stocks within 90 days. Those found guilty of violating the law would be subject to penalties. They would be fined either 10% of the assets they buy or sell or an entire month’s salary.
The law would also affect lawmakers’ children and spouses from engaging in trading as well. However, that aspect of the legislation would not go into effect until March 2027.
The Homeland Security and Governmental Affairs Committee, which Senator Peters currently chairs, is expected to mark up the bill on July 24.
In past years, there have been efforts to pass legislation regarding insider trading, but they have failed due to opposition from Congressional leaders. This display of bipartisan backing could mean that despite being an election year, the bill could make significant progress.
Speaking of the deal, Hawley said, “Congress should not be here to make a buck” and that there is “no reason why members of Congress ought to be profiting off the information only they get.” Merkley echoed his counterpart’s sentiments, saying if people want to serve Congress, they should “come here to serve the people,” not their individual portfolios.
Approximately 80% of all Americans across party lines support a ban on trading, per a University of Maryland poll.
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