Sens. Kelly, Ossoff Introduce Bill Banning Stock Trading by Members of Congress
New legislation requires members of Congress and their families to place stock portfolios into blind trusts while in office
Overwhelming majority of Republicans, Democrats, & Independents support a Congressional stock trading ban
Members who violate rules of the “Ban Congressional Stock Trading Act” would be fined in the amount of their entire Congressional salary
Today, U.S. Senators Mark Kelly (D-AZ) and Jon Ossoff (D-GA) introduced legislation to ban members of Congress and their families from buying and selling stocks while in office.
In a move widely praised by good government groups across the political spectrum, the Ban Congressional Stock Trading Act will require all members of Congress, their spouses, and dependent children to place their stock portfolios into a blind trust — ensuring they cannot use inside information to influence their personal stock trades and make a profit.
Members of Congress who violate the Ban Congressional Stock Trading Act will be fined in the amount of their entire Congressional salary.
Kelly is the only member of Congress to take the following three transparency and accountability steps: place his assets in Qualified Blind Trusts, release his official Senate schedule and not take Corporate PAC contributions to his campaign. According to Insider, Kelly and Ossoff are two of only 10 sitting members of Congress to put their own stock portfolios in blind trusts.
76 percent of voters — across the political spectrum — believe members of Congress and their spouses should not be allowed to trade stocks while in office, including nearly 78 percent of Republicans and 80 percent of Independents.
“Since I took office, I have remained focused on making Washington work for Arizonans. This includes making Washington more accountable and transparent. Elected leaders have access to valuable information that impacts policy, the economy, and entire industries. This legislation I am introducing with Senator Ossoff will put an end to corrupt insider trading and ensure that leaders in Congress focus on delivering results for their constituents, not their stock portfolios,” Sen. Kelly said.
“Members of Congress should not be playing the stock market while we make federal policy and have extraordinary access to confidential information,” Sen. Ossoff said.
Congresswoman Abigail Spanberger (D-VA-07) and Congressman Chip Roy (R-TX-21) introduced similar legislation in the House of Representatives last year.
The Ban Congressional Stock Trading Act has been endorsed by several leading ethics reform groups, including the Project on Government Oversight (POGO), American Taxpayers Union, Taxpayers Protection Alliance, FreedomWorks, and Issue One.
Click here for a summary of the Ban Congressional Stock Trading Act.
Click here to read the Ban Congressional Stock Trading Act.