Congress Moves Closer to Barring Lawmakers , From Trading on Stock Market.
CNBC reports Democratic leaders have decided to move forward in drafting legislation that would ban members of Congress from trading stocks.
Under the direction of House Speaker Nancy Pelosi, the House Administration Committee
is currently drafting the legislation.
According to CNBC, the legislation will receive a vote before the November midterm elections.
When you’re elected, you’re here to
serve the people, not the elite,
and [a stock trading ban]
I think is a step forward, , Senator Steve Daines, (R), Montana, via CNBC.
... an important step forward, to restore the faith and trust of the American people in this institution. , Senator Steve Daines, (R), Montana, via CNBC.
A move to support a ban on stock
trading for members of Congress
is a dramatic shift for Pelosi, .
after years of rejecting
the idea of implementing limits on
how lawmakers can invest.
Congressional leaders have long
said a ban on stock market trading would make it
harder to recruit qualified candidates to run for office.
Meanwhile, associates of members
of Congress have become quite wealthy
by playing the stock market, including
those affiliated with Pelosi.
A recent survey conducted by
conservative advocacy group
the Convention of States Action, .
found 76% of voters thought lawmakers
and their families had an "unfair advantage" trading on the stock market.
Merely 5% of voters surveyed approved
of lawmakers trading stocks.
According to data from Business Insider,
last year, 54 members of Congress
violated the 2012 STOCK Act, legislation designed to prevent insider trading