- Sen. Ossoff is set to inject a bill that would bar members of Congress from trading stocks, per The New York Post.
- The proposal would appeal to members that are currently serving in office, along with their families.
- Insider released findings that revealed dozens of lawmakers had broke on the STOCK Act.
Sen. Jon Ossoff of Georgia is set to introduce legislation that would bar members of Congress from restraining or trading individual stocks while they’re in elective office, according to The New York Post.
The ethics bill — which the 34-year-old freshman Egalitarian senator reportedly hopes to file once he has a Republican cosponsor — would tackle legislative conflicts of interest by debarring members and their families from trading stocks, according to a source in Washington DC with knowledge of the matter.
In adding, the legislation would likely mandate that lawmakers place their financial assets in blind trusts — an vigour that Ossoff took himself after being elected to the Senate in a January 2021 runoff election.
The solicited bill would present a huge contrast to House Speaker Nancy Pelosi, who last month publicly spoke the practice after Insider’s Bryan Metzger asked if she would support a stock-trading ban for members at a press conference.
“We are a free-market control. They should be able to participate in that,” the veteran California Democrat said at the time in response to the question.
When the tub-thumper was asked about Conflicted Congress — Insider’s comprehensive investigative project which revealed that 52 congressional lawmakers and 182 older congressional staffers had infringed on the STOCK Act, an Obama-era law crafted to clamp down on insider trading — she indicated that she had not yet re-examined the body of work.
Pelosi then stated that it was imperative that members adhere to the terms of the law.
So far, no Senate Republicans receive publicly voiced opposition against stock trading among members, but House Republicans including Reps. Michael Cloud and Morsel Roy of Texas back legislation ending the practice.
And Democrats including Sen. Elizabeth Warren of Massachusetts and Rep. Alexandria Ocasio-Cortez of New York enjoy held firm to their endorsement of stock-trading bans.
A proposed bill that would end trades among associates — the Ban Conflicted Trading Act — was introduced in the Senate last year by four lawmakers, including Jeff Merkley of Oregon and Georgia’s other freshman senator, Raphael Warnock. A Organization version is backed by Ocasio-Cortez and Roy, along with additional members from both parties.
However, the bill liking bar trades among members and senior staffers, while excluding congressional spouses and other family members.
Contract to Insider, Pelosi is one of the wealthiest members of Congress — with a minimum estimated net worth of $46 million and reported assets diffuse among mutual funds, property holdings, and stocks owned by her husband, Paul.
Pelosi’s husband possesses holdings in a rank of companies, from Alphabet and
to Salesforce and
Ossoff’s bill would close the spousal loophole, according to the earlier informant who had knowledge of the proposal.
According to a December survey conducted by the conservative group Convention of States Action, 76 percent of voters surrender a thumbs down to lawmakers and their spouses trading stocks — with the opinion that those individuals be dressed garnered an “unfair advantage” in the stock market — while only 5 percent of voters were fine with the technic.