The House is taking steps towards voting on proposals to ban members of Congress from being able to trade individual stocks.
Lawmakers in the House and the Senate have introduced several different stock trading bans. One of the strictest proposals was introduced in February by Senators Elizabeth Warren and Steve Daines and Representatives Pramila Jayapal and Matt Rosendale .from owning stocks, requiring them to divest from all stocks other than widely held investment funds while in office. Violations would carry a $50,000 fine per infraction.Senators Jon Ossoff and Mark Kelly .
But the bill would only require that those stocks be put into a blind trust when members take office, meaning that lawmakerstheir stock portfolios in a blind trust with legislation that could affect companies that they had previously invested in. Government watchdogs say that a stock trading ban must be strict in order to be effective. In guidelines circulated to Congress, CREWstock trading bans must not allow members to put their portfolios in a blind trust, must ban spouses and dependent children from trading stock and must have a strict enforcement mechanism. Bans also shouldn’t allow for intent loopholes, CREW says – in other words, there shouldn’t be a carveout for the lawmakers who supposedly unknowingly violated the law.
No one bill that has been introduced so far adopts all of those principles; of those requirements, Sen. Josh Hawley’s bill only has a clear enforcement mechanism, according to CREW, requiring members to give gains from banned stock trades to the Treasury Department.
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