Creator Forum - Racial Loyalty News Online

All members of Congress and their spouses would be banned from trading individual stocks under new proposals introduced this week by one Republican and two Democratic senators. "Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they're supposed to be regulating. Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country," said Sen. Josh Hawley... "Here's something we can do: ban all members of Congress from trading stocks and force those who do to pay their proceeds back to the American people. It's time to stop turning a blind eye to Washington profiteering," Democratic Sens. Mark Kelly of Arizona and Jon Ossoff of Georgia also introduced legislation, called the "Ban Congressional Stock Trading Act," aimed to stop insider trading by members of Congress and their spouses.

In his statement, Hawley said the major provisions of his proposal include: A prohibition on holding, acquiring, or selling stocks or related economic interests while serving in Congress. Exempted from the prohibition are interests in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds. Senators and representatives have six months after being sworn into office to get rid of prohibited holdings or to place them in a blind trust.. If the Senate or House ethics committees determine that an individual member has profited illegally on a prohibited stock or related economic interest, the gain must be turned over to the U.S. Treasury.


Prohibits members, their spouses, and dependent children from personally acquiring covered investments during the member's period of service... The two proposals come in response to recent revelations that at least 54 members of Congress have in some manner violated a law intended to prevent profiting on stock trades made as a result of having insider information not available to the general public.


Sen. Dianne Feinstein (D-Calif.), for example, reportedly was five months late in disclosing a large investment made by her husband. ... But critics continued to insist after the law was approved that STOCK wasn't tough enough, especially after Congress quietly gutted many of its toughest transparency provisions in 2013.