With multiple bills from both chambers and both parties, the calls to limit or ban members of Congress from trading stocks while in office are gaining support. There are three bills addressing the issue: one from Senator Josh Hawley (R-MO), another from Senators Mark Kelly (D-AZ) and Jon Ossoff (D-GA), and a third from House members Abigail Spanberger (D-VA) and Chip Roy (R-TX).
In 2012, President Barack Obama signed the Stop Trading On Congressional Knowledge (STOCK) Act.
“The STOCK Act makes it clear that if members of Congress use nonpublic information to gain an unfair advantage in the market, then they are breaking the law,” President Obama said at the bill signing.
Under the STOCK Act, Members must quickly and publicly announce all stock trades made by themselves, their spouse, or their dependent children. But some Members felt that the STOCK Act didn’t go far enough, and have introduced legislation to further address the issue.
Reps. Spanberger and Roy’s bill, the TRUST in Congress Act, would require all Members, their spouses, and dependent children to put certain investment assets into a blind trust and then keep them in the trust until the Member has been out of office for six months.
Sens. Ossoff and Kelly have introduced the Ban Congressional Stock Trading Act, which bans Members, their spouses, and dependent children from buying and selling stocks while in office.
Senator Hawley’s bill, Banning Insider Trading in Congress Act, is similar to the other Senate bill but allows dependent children to buy and sell stocks while a parent is in office.
”It’s important that we should not endeavor to avoid impropriety, but the mere appearance of impropriety. And the way that we do that is we say, as members of Congress, we should not be able to own individual stocks,” Rep. Spanberger said in support of her bill.
But Speaker Nancy Pelosi (D-CA) disagreed with Spanberger.
”This is a free market and people – we are a free market economy. They should be able to participate in that,” Pelosi said during a December news conference.
Polling from the Convention of States Action found that 76 percent of people think members of Congress and their spouses should be banned from stock trades while in office. That includes 78 percent of Republicans polled and 69 percent of Democrats.
WHEN IT COMES TO PLAYING THE STOCK MARKET —-
MEMBERS OF CONGRESS CAN HAVE A HUGE ADVANTAGE OVER US.
AKA – INSIDE INFORMATION.
TAKE SOT- Tucker Carlson
<<”the chairman of the senate intelligence committee sold more than a million dollars in stock in mid-Feburary after learning how devastating the Chinese coronavirus could be.”
TAKE SOT-CNBC Reporter
<<”senator Dianne Feinstein’s office now confirms to NBC news that she has been contacted by the FBI, confirming that Feinstein answered questions from the FBI about stock trades that her husband made and also that the senator provided documents to the fbi.”>>
Annie Andersen: ENTER THE STOCK ACT. –
A LAW THAT’S SUPPOSED TO STOP LAWMAKERS FROM INSIDER TRADING.
OBAMA SIGNED IT IN 2012 WITH BIPARTISAN SUPPORT.
NAT POP- BARACK OBAMA
<<” with that, let me sign this bill.”>>
STOCK STANDS FOR STOP TRADING ON CONGRESSIONAL KNOWLEDGE.
IT SAYS MEMBERS MUST QUICKLY AND PUBLICLY ANNOUNCE ALL STOCK TRADES MADE BY THEMSELVES, THEIR SPOUSE, OR THEIR DEPENDENT CHILD.
BUT IS THAT HAPPENING? PUBLIC RECORDS INDICATE SOME MEMBERS MAY BE IGNORING THE LAW OR FINDING LOOPHOLES… POSSIBLY ALLOWING THEMSELVES TO MAKE MONEY USING TIPS THE PUBLIC DOESN’T GET.
BUSINESS INSIDER RESEARCH
NEWS SITE, BUSINESS INSIDER, NAMED DOZENS OF MEMBERS WHO MAY HAVE VIOLATED THE STOCK ACT –
13 MEMBERS were CALLED OUT AS THE WORST OF THE WORST – ACCUSED OF MULTIPLE CONFLICTS THAT QUESTION THEIR INTEGRITY – . FIVE ARE DEMOCRAT AND EIGHT ARE REPUBLICAN.
INSIDER BORDERLINE CONGRESS MAP
ANOTHER 116 ARE CONSIDERED BORDERLINE… MEANING THEIR ACTIONS DESERVE GREATER SCRUTINY.
TAKE SOT- BARACK Obama
<<’“The STOCK Act makes it clear that if members of Congress use nonpublic information to gain an unfair advantage in the market, then they are breaking the law.”>>
Annie Andersen: BUT THAT CRIME,
DOESN’T FIT THE PUNISHMENT.
THE PENALTY FOR VIOLATING THE STOCK ACT- A MERE 200 DOLLARS… AND EVEN THAT CAN BE WAIVED.
WHO CAN STOP INSIDER TRADING ON THE HILL?
THE F-B-I FOR ONE
IN MAY THE AGENCY CLOSED INVESTIGATIONS INTO SEVERAL MEMBERS INCLUDING SENATORS RICHARD BURR, JIM INHOFE, DIANE FEINSTEIN, AND FORMER SENATOR KELLY LOEFFLER.
THERE’S ALSO THE HOUSE AND SENATE ETHICS COMMITTEES… ALTHOUGH IT’S BEEN 14 YEARS SINCE THE SENATE ISSUED ANY DISCIPLINARY SANCTIONS ON ONE OF ITS OWN.
AND NOW POSSIBLY A NEW OPTION
BOTH CHAMBERS HAVE BILLS CALLING FOR A COMPLETE BAN ON MEMBERS AND THEIR IMMEDIATE FAMILIES FROM MAKING ANY STOCK TRADES.
SOT REP. ABIGAIL SPANBERGER (D-VA)
<<”It’s important that we should not endeavor to avoid impropriety, but the mere appearance of impropriety. And the way that we do that is we say, as Members of Congress, we should not be able to own individual stocks.”>>
TAKE SOT- REP. CHIP ROY (R-TX)
“You shouldn’t be sitting there and making profits while you’re in public office.”
SOT – Nancy Pelosi <<”this is a free market and people – we are a free market economy. They should be able to participate in that.”>>
Annie Andersen: WHAT DO YOU THINK? IS THE STOCK ACT ENOUGH OR SHOULD MEMBERS BE BANNED FROM MAKING TRADES?
LET ME KNOW IN THE COMMENTS BELOW.