{"id":469788,"date":"2022-01-14T15:44:04","date_gmt":"2022-01-14T15:44:04","guid":{"rendered":"https:\/\/therealnews.com\/?p=281416"},"modified":"2022-01-14T15:44:04","modified_gmt":"2022-01-14T15:44:04","slug":"ossoff-unveils-bill-to-ban-stock-trading-by-lawmakers-immediate-family-2","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2022\/01\/14\/ossoff-unveils-bill-to-ban-stock-trading-by-lawmakers-immediate-family-2\/","title":{"rendered":"Ossoff unveils bill to ban stock trading by lawmakers, immediate family"},"content":{"rendered":"\n
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This story originally appeared in Common Dreams<\/a> on Jan. 14, 2022. It is shared here with permission under a Creative Commons (CC BY-NC-ND 3.0) license.<\/em><\/p>\n<\/div><\/div>\n\n\n\n

Two Democratic senators on Wednesday unveiled<\/a> legislation that would prevent congressional lawmakers and their immediate families from trading stocks while in office, as new polling shows<\/a> that an overwhelming majority of voters across the political spectrum support such a reform\u2014something that Republicans putting\u00a0forward competing proposals<\/a> are trying to capitalize on.<\/p>\n\n\n\n

“Members of\u00a0Congress should not be playing the stock market while we make federal policy,” Ossoff said in a statement.<\/p><\/blockquote><\/figure>\n\n\n\n

The Ban Congressional Stock Trading Act<\/a>, introduced by Sens. Jon Ossoff (D-GA)\u00a0and Mark Kelly (D-AZ), would amend the Ethics in Government Act of 1978 to require<\/a> members of Congress, their spouses, and dependent children\u00a0to place certain investments into blind trusts or divest them\u2014ensuring they don’t profit from privileged information obtained on Capitol Hill.<\/p>\n\n\n\n

“Members of Congress should not be playing the stock market while we make federal policy,” Ossoff said in a statement.<\/p>\n\n\n\n

Emphasizing that “elected leaders have access to valuable information that impacts policy, the economy, and entire industries,” Kelly said that if passed, the Ban Congressional Stock Trading Act “will put an end to corrupt insider trading and ensure that leaders in Congress focus on delivering results for their constituents, not their stock portfolios.”<\/p>\n\n\n\n

Members who violate the legislation’s rules would be fined their entire congressional salary.<\/p>\n\n\n\n

With their new bill, Ossoff\u00a0and Kelly are\u00a0defying House Speaker Nancy Pelosi (D-CA). As Sludge <\/em>reported<\/a> Wednesday:<\/p>\n\n\n\n

Pelosi made headlines last year with the multimillion dollar stock trades of her husband, investor Paul Pelosi, who among other plays exercised call options<\/a> on Google stock in June that locked in $5.3 million in gains. Not done, the Pelosis purchased millions more in call options from December 17-21, just days after she defended the practice of stock trading by members of Congress in a press conference.<\/p><\/blockquote>\n\n\n\n

Pelosi’s argument\u2014based on an easily debunked<\/a> claim that the 2012 STOCK Act’s financial transaction disclosure requirements<\/a>\u00a0prevent insider trading among members of Congress\u2014was condemned by government watchdog groups and progressives, who warned<\/a> that her opposition to regulating the practice could have negative political repercussions for the Democratic Party.<\/p>\n\n\n\n

Referencing recent polling, Ossoff said Wednesday that “3\/4 of Americans agree” that\u00a0lawmakers and their immediate family\u00a0members should not be allowed to buy and sell stock while in office given\u00a0conflicts of interest<\/a>.<\/p>\n\n\n\n

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Tonight I introduced legislation to ban Members of Congress (and our spouses) from trading stocks.

3\/4 of Americans agree!<\/p>— Jon Ossoff (@ossoff) January 13, 2022<\/a><\/blockquote>