Bipartisan Senate Bill To Ban Congress Stock Trading Backed By Floor-Controlling Schumer

  • Virginia Democrat Sen. Tim Kaine and 22 of his colleagues have introduced legislation in the Senate to ban members of Congress from stock trading.
  • The legislation, Ending Trading and Holdings in Congressional Stocks Act, or ETHICS Act for short, would prohibit members of Congress, their spouses and dependent children from owning or trading securities, commodities or futures.
  • Supporters of the bill argue members of Congress are at an advantage when it comes to forecasting the market.
  • Dylan Hedtler-Gaudette, of Project on Government Oversight, says the measure is the “strongest congressional stock trading ban bill that has been introduced to date because it covers spouses and dependent children, which was a glaring loophole in previous proposals.
  • The group, often referred to as POGO for short, predicts success for the legislation, citing bipartisan support in the House and from Senate Majority Leader Sen. Chuck Schumer.
  • “It has the backing of the person (Schumer) who ultimately controls what bills come to the Senate floor for a vote.” the group said.
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