Both Democrats and Republicans favor a ban and are working on legislation with stiffer restrictions on lawmakers’ portfolios.
Democratic leaders in Congress on Wednesday indicated they’ll support stronger restrictions on stock trading for members of Congress, including banning the practice entirely. There’s already a groundswell of support from Democrats and Republicans on both sides of the Capitol for stronger restrictions on their financial portfolios. It’s a rare point of bipartisan agreement for two parties finding less common ground with each passing day. Senate Majority Leader Chuck Schumer referred to stock trading as “an important issue that Congress should address” and has asked Democratic senators to come up with a bill to consider, and he is encouraging them to work with Republican counterparts. In the House, Speaker Nancy Pelosi has charged the House Administration Committee with writing new rules but she also has some changes she wants to see made. “We have to tighten the fines on those who violate the STOCK Act,” she said, referring to 2012 bill that banned members from trading in the financial markets based on nonpublic information they were able to access because of their elected office. “It’s obviously not sufficient to deter behavior.” Pelosi also reiterated Wednesday that she wants to see financial disclosure requirements extend to the judicial branch, including the Supreme Court, which is not subject to the same financial disclosures required of members of the legislative and executive branches of government. “The Supreme Court has no disclosure. It has no reporting of stock transactions, and it makes important decisions every day,” she said. Pelosi has grown more receptive to congressional action on stock trading as more lawmakers have expressed support for stricter rules. A few weeks ago, she was skeptical. “To give a blanket attitude of, ‘we can’t do this and we can’t do that, because we can’t be trusted,’ I just don’t buy into that,” she said. However, she added, “But if members want to do that, I’m okay with it.
