WASHINGTON (Gray DC) – A Republican bill in the House to regulate congressional stock trading is moving forward as lawmakers face public pressure to address what both parties acknowledge is an unfair advantage in the stock market.
Members of Congress currently have no restrictions on participating in the stock market. For years, polling has found the public wants this banned, but Congress never passed a law.
The bill Rep. Bryan Steil (R-Wisc.) bans buying new stock and requires seven to 14 days notice before members can sell stocks they already own.
“We won’t be able to change public opinion overnight, but I think with strides like this the American people can begin to recognize again that Congress can be trusted,” said House Speaker Mike Johnson, (R-La.).
Critics say allowing members to own and sell stocks at all is too lenient. Many Democrats say the bill needs tighter restrictions and should include the president and first family.
Majority Leader Steve Scalise (R-La.) says Congress must find a balance.
“What breeds distrust and validly so is when you have members trading stock while in committee meetings… while recognizing you have a lot of good people with different walks of life that come here with 401Ks or other things when they come to congress,” he said.
It is not clear how many Democrats will support the bill when it comes up for a final vote, which could happen as early as next week.
“We were serious about stamping out corruption in Congress,” said Rep. Pete Aguilar (D-Calif.). “I don’t know if additional disclosure is enough, but we will look at the package we will judge it on its merits.”
The Senate is working on a similar trade restriction bill but is not expected to take it up for at least a month.
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