A bipartisan piece of legislation known as the “Ban Stock Trading for Government Officials Act” has been introduced by Senators Kirsten Gillibrand (D-N.Y.) and Josh Hawley (R-Mo.) in late July. This proposed law aims to prevent members of Congress and federal executive branch officials, including the president, from engaging in stock trading activities.
Under the provisions of the bill, government officials in Washington would be prohibited from both owning and trading stocks, even if they utilize blind trusts. In case of violations, varying degrees of penalties would be imposed on the individuals found to have breached the regulations. In specific situations involving significant monetary value or extraordinary circumstances, additional civil penalties might be applied, as indicated by a joint press release from Senators Gillibrand and Hawley.
The proposed legislation has garnered substantial public support, with an overwhelming 86% of people nationwide favoring a ban on stock trading among Congress members, according to a recent survey conducted by the University of Maryland’s Program for Public Consultation.
Senator Hawley expressed that the bill’s objective is to prioritize the interests of the American public. However, this rhetoric hasn’t yet convinced Hawley’s fellow members of Congress. Previous attempts at addressing this issue, such as the TRUST in Congress Act and the PELOSI Act, have not made significant progress during this year’s legislative sessions. The fate of the “Ban Stock Trading for Government Officials Act” remains uncertain, as it’s unclear when or if it will be subject to debates and votes.
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