Members of both parties support a stop to stock trading by Congress officials
Both Republicans and Democrats have begun to increasingly support passing legislation which would bar members of Congress from trading stocks. This comes after multiple investigations which revealed possible insider trading by lawmakers.
Conservative advocacy group Convention of States Action released a survey showing that 76% of voters support a bill that would accomplish this. These voters reportedly believe that lawmakers and their partners have “an unfair advantage” when they trade stocks.
“In an era of hyper-partisanship, voters in all parties agree that members of Congress should not be enriching themselves using ‘insider information’ while serving the people,” Mark Meckler, the group’s president, said in a statement. “This issue has received a lot of attention, and this data verifies the American people want this practice to end once and for all.”
The issue re-entered the news when Business Insider released a report that 57 members of Congress failed to properly disclose their financial transactions.
Speaker of the House Nancy Pelosi, who had profited greatly off of well timed stock trades, appeared open to the idea of banning stock trading in Congress despite months of resistance.
“It has to be government-wide,” Pelosi said. “The Supreme Court has no disclosure. It has no reporting of stock transactions, and it makes important decisions every day.”
Back in December, Pelosi pushed back against this possible legislation.
“We’re a free-market economy,” Pelosi said.
Pelosi has come under scrutiny for gaining millions of dollars after a flurry of stock moves in recent years. Despite only making in the low six-figures, Pelosi has risen to great wealth thanks to her husband’s trading.