House Republicans take step closer to banning congressional stock trading
FIRST ON FOX: Rep. Mark Alford, R-Mo., will introduce legislation that would ban congressional stock trading on Wednesday, serving as the House companion bill to Sen. Josh Hawley's, R-Mo., "PELOSI Act" in the Senate.
Alford's proposed bill would ban lawmakers and their spouses from holding, purchasing, or selling individual stocks while in office, but it allows investments in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds. If passed, current lawmakers would have 180 days to comply with the legislation. Likewise, newly elected lawmakers must achieve compliance within 180 days of entering office.
"As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption," Alford said in a statement. "Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves."
"These gross violations of the public trust make clear: we must finally take action to ban members and their spouses from owning or selling individual stocks," he added.
Under the proposed legislation, lawmakers who continue to make wrongful transactions would be required to hand over any profits they made to the U.S. Treasury Department. The House or Senate ethics committees could also impose a fine on such lawmakers amounting to 10% of each wrongful transaction.
President Donald Trump himself endorsed banning trading for members of Congress in an interview with Time Magazine last month.
"I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it," he said of a trading ban.
"You'll sign it?" the reporter pressed.
"Absolutely," Trump responded.
Democrats in the House of Representatives have also expressed support for a ban, with House Minority Leader Hakeem Jeffries throwing his weight behind the proposal last week.
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