Tags: Coronavirus | Financial Markets | house | bill | stock market | trading | democrats

House Bill Bans Lawmakers From Playing the Stock Market

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By    |   Monday, 23 March 2020 05:31 PM

House Democrats on Monday introduced legislation that, if passed, would bar lawmakers and their staff from stock trading, in response to news that several senators had sold off millions in stock after a briefing on the coming threat of COVID-19. 

"The recent news reports have made it clear that it's past time to end the potential conflicts of interest created by members of Congress and their top staffers trading in stocks while making decisions affecting their values and receiving sensitive, nonpublic information through government service," Rep. Raja Krishnamoorthi, D-Ill., one of the bill's co-sponsors said in a statement, reports The Hill.

The legislation will prevent members of Congress from both trading stocks and holding positions on corporate boards, Krishnamoorthi added, which will "help ensure that Congress is working for the American people and not their own stock portfolios.

Rep. Alexandria Ocasio-Cortez, D-N.Y., a co-sponsor on the House bill, agreed, saying members of Congress are "here to serve the public, not to profiteer."

Earlier this year, Sens. Richard Burr, R-N.C.; Kelly Loeffler, R-Ga.; Dianne Feinstein, D-Calif.; and James Inhofe, R-Okla., sold off stock after a briefing in January about the virus, but well before the market started plummeting. Feinstein and Inhofe both said they were not at the briefing, and Loeffler said the sales were made through her financial advisers.

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In response to news that several senators had sold off millions in stock after a briefing on the coming threat of COVID-19, House Democrats on Monday introduced legislation that, if passed, would bar lawmakers and their staff from stock trading.
house, bill, stock market, trading, democrats
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2020-31-23
Monday, 23 March 2020 05:31 PM
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