A bipartisan bill called the “Ban Stock Trading for Government Officials Act” has been introduced by Senators Kirsten Gillibrand and Josh Hawley. The proposed law aims to prohibit members of Congress and executive officials, including the president, from trading stocks. This legislation builds upon the existing Stop Trading on Congressional Knowledge (STOCK) law, which was established to prevent insider trading by members of Congress and their staff.
Under the new bill, government officials in Washington would be banned from owning or trading stocks, even if they are held in blind trusts. Violators would face penalties of varying degrees, and in exceptional cases or those involving substantial monetary value, additional civil penalties may be imposed.
There is widespread public support for such a ban, with 86% of the US population in favor, according to a recent survey conducted by the University of Maryland’s Program for Public Consultation. Senator Hawley believes that passing this bill would prioritize the American public’s interests. However, despite this strong public sentiment, similar bills like the TRUST in Congress Act and the PELOSI Act have failed to make progress in Congress earlier this year.
The timeline for the Ban Stock Trading for Government Officials Act to be debated and voted on remains uncertain. It is important to note that this article is for informational purposes only and should not be considered as advice. No warranty is provided.