A pair of Senate Democrats introduced a bill on Wednesday that would ban members of Congress and their families from making stock trades while in …
A pair of Senate Democrats introduced a bill on Wednesday that would ban members of Congress and their families from making stock trades while in office. The bill, dubbed the Ban Congressional Stock Trading Act, would require that all sitting members of Congress, their spouses and dependent children divest from certain investments or transfer them into a qualified blind trust within 120 days of the legislation being enacted. Incoming members of Congress and their families would have to do the same within 120 days of taking office. The legislation is sponsored by Sens. Jon Ossoff (D-Ga.) and Mark Kelly (D-Ariz.). Investments in securities, commodities, futures or any other comparable economic interests obtained through synthetic methods, including the use of a derivative, would be under the purview of the law. Lawmakers, however, would not have to divest or transfer investments in diversified mutual funds or diversified exchanges, in addition to U.S. Treasury bill, notes and bonds. Members and their families will then be able to remove assets from the blind trust or dissolve it completely 180 days after the lawmaker departs office. The push to ban members of Congress from making stock trades comes after reports revealed that authorities were investigating whether Sen. Richard Burr (R-N.
