Bipartisan Lawmakers Unite to Introduce Bill Banning Congressional Stock Trading
A bipartisan bill is being introduced to ban stock trading by Congress members and their families. Gaining momentum, it would require divestment within 180 days if passed.
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Overview
- Bipartisan lawmakers are uniting to introduce a bill that would ban stock trading by members of Congress and their immediate families.
- The bill aims to address potential conflicts of interest, ensuring elected officials prioritize public service over personal financial gains from market activities.
- After previously stalling, the proposed bill has gained significant momentum in Congress, with bipartisan factions now joining forces to push for its passage.
- If enacted, the legislation would mandate that current members of Congress divest from individual stocks and bonds within 180 days of the bill's passage.
- New members joining Congress would be subject to a shorter divestment period, requiring them to sell off their individual stock and bond holdings within 90 days.
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Analysis
Center-leaning sources cover this story neutrally by presenting a balanced view of the bipartisan effort to ban stock trading by lawmakers. They detail both the strong support for the bill and the significant hurdles it faces, avoiding loaded language or selective emphasis. This approach allows readers to form their own conclusions based on a comprehensive overview.
"An unusual alliance emerged in the House on Wednesday as lawmakers, who agree on little else, rallied support for a bill that would prohibit members of Congress and their families from owning and trading individual stocks."
ABC NewsArticles (3)
FAQ
Members of Congress would be required to divest from individual stocks and bonds within 180 days of the bill's passage, while new members joining Congress would have a 90-day window to sell off their holdings.
Senator Jon Ossoff (D-GA) sponsors the Senate bill S.1879, while Representative Tim Burchett (R-TN-2) sponsors the House bill H.R.1908. Both bills have bipartisan support.
The bill aims to eliminate potential conflicts of interest by ensuring members of Congress prioritize public service over personal financial gains derived from stock trading.
As of the latest information, Senate bill S.1879 has been introduced and referred to the Committee on Homeland Security and Governmental Affairs, while House bill H.R.1908 has been introduced and referred to multiple House committees including Financial Services and Ways and Means.
Yes, the legislation would ban stock trading for both members of Congress and their immediate family members to prevent conflicts of interest.
History
- This story does not have any previous versions.