Senate Democrats set to introduce sweeping congressional stock trading ban

EXCLUSIVE —Senate Democrats are set to unveil a sweeping proposal to ban members of Congress from trading in the stock market, according to a source involved with the effort and draft legislation obtained by the Washington Examiner.

Legislators would be instantly barred from purchasing or selling shares under the Ending Trading and Holdings in Congressional Stocks Act. Additionally, it would mandate that they and their spouses and children divest from specific investments or place investments into a” competent blind trust”; this proposal wouldn’t apply to legislators who had just been elected to this Congress until their next reelection.

For Congressmen, Republican Staff REINTRODUCE BILL TO BAN STOCK TRADING OR OWNERSHIP

The introduction of the ETHICS Act will follow the passage of legislation that would similarly forbid lawmakers and their spouses from trading or owning stocks by a bipartisan group of House members, including Reps. Pramila Jayapal( D-WA ), Matt Rosendale( R – MT ), and Ken Buck.

The ETHICS Act may be unveiled by its leaders, Sens., outside the Capitol on Tuesday night, according to a source with knowledge of the situation. Sherrod Brown( D – OH ), Jeff Merkley, and John Fetterman, all of whom are from Pennsylvania.

The supplier, who is not permitted to speak formally, said,” This is the strongest and most well-thought-out stock trading ban proposal that anyone has introduced already.” ” The ETHICS Act is the best way to put an end to this corrupt practice, and it’s’s long past due for Congress to do so.” The public’s’s trust and faith in Congress may then gradually start to return, as it has done over the years.

Congress has increasingly weighed various proposals that aim to tackle potential conflicts of interest in connection to lawmakers trading stocks, including a measure reintroduced by Sen. Josh Hawley (R-MO) in January that would impose a ban and also make lawmakers and their spouses in violation of it “forfeit any investment profits to the American people via the U.S. Treasury,” according to a press release. In March, Hawley notably put forth a bill that would ban members of the executive branch from owning or trading stocks.

According to the document expenses, politicians may face legal penalties under the ETHICS Act if they disobey that are equivalent to one month’s’s salary or” an amount equal ten percent of the value of each covered expense that was not divested or placed into a professional deaf trust.” The act also specifies that the attorney general may be required to bring a civil lawsuit and impose sanctions.

TO READ MORE FROM THE WASHINGTON EXAMINER, Press HERE.

Merkley attempted to persuade Hawley to support the ETHICS Act, but the Republican believes that the legislation does not go far enough to curtail investing, according to a supplier who is familiar with his viewpoint. Hawley expressed concern over the fact that lawmakers in office and their spouses would not be required to sell their holdings until their election, which occurs every six years, according to the source.

Merkley, Fetterman, and Brown representatives have been contacted by The Washington Examiner.