Posted on 01/14/2023 3:10:32 AM PST by Libloather
A bipartisan group of lawmakers is making a new push to ban members of Congress from private stock trading.
It's an attempt to "demonstrate that lawmakers are focused on serving the interests of the American people -- not their own stock portfolios," Rep. Abigail Spanberger, a Virginia Democrat, said in reintroducing the measure along with Texas Republican Rep. Chip Roy.
After failing to get a floor vote when last introduced in 2021, the "TRUST (Transparent Representation Upholding Service and Trust) in Congress Act," gained increasing support across the political spectrum in 2022 with 75 cosponsors, and its backers say that the number will grow even larger this time around.
The bill would require all members of Congress, their spouses and their dependent children to put "certain assets" into a blind trust at, or sooner than, 90 days after a member is elected, effectively banning them from trading in individual stocks.
Because they could have insider knowledge related to legislation, lawmakers have been the focus of increased calls to restrict their ability to trade.
The controversy resurfaced in 2021 when questions were raised about members, who had gotten closed-door briefings, making trades related to the health care industry ahead of Congress passing major funding to combat the COVID-19 pandemic.
The stock-trading measure gained headway in early 2022 when former House Speaker Nancy Pelosi eventually opened the door to considering a ban -- proposed by some Democrats -- after initially defending members' right to trade stocks. "We're a free-market economy," she said defending her previous resistance, saying a ban should apply across the government.
Still, the bill was never brought to the floor for a final vote.
(Excerpt) Read more at abcnews.go.com ...
I’d be happy with this bill if
1. It forced Reps and Senators and their families to put all their investments in a blind trust.
2. Restricted same from having any investment transactions while they are a member of the House or Senate.
Politicians are crooks, and they will never stop being crooks.
I have observed that once elected to congress net worth increases rapidly.
Money can corrupt. I want to know where the cash originated.
We need transparency. Public audits of The President, Congress and their families. Joe Biden hired 87,000 IRS agents, put them to good use starting with his family.
Restore our belief in the integrity of our law makers.
3. Violations punishable by a sliding scale of profit:
a) $100 - $10,000: forfeiture of salary
b) $10,000 - $100,000: expulsion from office
c) $100,000 - $1,000,000: forfeiture of all personal assets
d) $1,000,000 or more: death
Note: without actual consequences there will be no change.
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