Senators reveal bipartisan bill to ban lawmakers from stock trading

A bipartisan group of senators on Wednesday unveiled a plan to block members of Congress and the president from trading stock while in office.

The legislation would make it a penalty for representatives, senators, the president, and the vice president, as well as their spouses, children, and dependents, from engaging in such investments. The proposed bill comes amid bipartisan calls for the practice to be stopped, given accusations that elected officials might be using privileged knowledge to make profitable trades.

The investments that the people covered in the bill would be banned from trading include securities, commodities, futures, options, trusts, and other comparable holdings. Sens. Gary Peters (D-MI), Jeff Merkley (D-OR), Josh Hawley (R-MO), and Jon Ossoff (D-GA) are behind the plan.

“Americans deserve to have confidence that their federal elected officials are making decisions that are in the best interest of the American public and not in the interest of any personal finances,” Peters said Wednesday, according to Politico.

The law would go into effect as soon as the president signs it into law for members of Congress, the president, and the vice president, but it wouldn’t be effective until 2027 for their spouses and dependents.

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There will also be a 90-day “cooling-off period” for such trades from the covered people once they leave office.

Violations of the divestment requirements will result in penalties. A penalty will be either the monthly salary of a covered official or 10% of the value of each covered asset in violation of the law, whichever is greater.