On Thursday, January 13, 2022 Missouri Senator Hawley submitted a bill that would ban Congress and their spouses from all stock trading. Up to now, members of Congress often have the first news of worldwide happenings that effect stock prices. They capitalize on the news before the everyday public can. Senator Hawley wants this to stop. He introduced this bill along with two Democrat senators.
Hawley Says
Senator Hawley has a lot to say about politicians.
Year after year, politicians manage to outperform the market, buying and selling millions in stocks they are supposed to be regulating [1].
He wants to force the members of Congress who do participate in trading stocks to pay back their proceeds to the American people. He names his proposal as “Banning Insider Trading in Congress Act”.
Bill Provisions
This bill prohibits holding, acquiring, or selling stocks or related economic interests while serving in Congress. Senators and representatives would have six months from being sworn into office to get rid of their holdings.
Other Proposals
The Kelly-Ossoff proposal is similar to Hawleys, but adds some items [2]. This would apply to members of congress, And their spouses, And their dependent children. This bill allows 120 days to get rid of their holdings.
Congress does have a stock law, but many persons do not think it’s strict enough. Besides, members of congress are benefiting from their knowledge gained serving in congress. Time will tell if this becomes law. Nonetheless, it is a step in the right direction, holding our elected officials accountable and not higher than the average American citizen.
Notes:
- ^https://www.theepochtimes.com/hawley-democrats-bills-would-ban-all-stock-trading-by-members-of-congress_4210789.html?utm_source=News&utm_campaign=breaking-2022-01-14-1&utm_medium=email&est=aXz8yHcpUwgx60%2B%2FAqfnuzu1Kf2OQ%2BxMsMrQXKixATpVCxCu4IYzC1c1Rqmefm67KVfh (go back ↩)
- ^https://www.theepochtimes.com/hawley-democrats-bills-would-ban-all-stock-trading-by-members-of-congress_4210789.html?utm_source=News&utm_campaign=breaking-2022-01-14-1&utm_medium=email&est=aXz8yHcpUwgx60%2B%2FAqfnuzu1Kf2OQ%2BxMsMrQXKixATpVCxCu4IYzC1c1Rqmefm67KVfh (go back ↩)
