Senators Kirsten Gillibrand, a Democrat from New York, and Ashley Moody, a Republican from Florida, are collaborating on a new legislative effort to prohibit members of Congress from trading stocks.This initiative, which has garnered significant public support, aims to address ethical concerns surrounding lawmakers' financial activities and has faced repeated challenges in Congress.
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abcnews.go.comspectrumlocalnews.comThe proposed legislation, set to be introduced on Thursday, would bar lawmakers, along with their spouses, dependent children, and trustees, from owning, buying, or selling individual stocks and certain other financial assets, including securities, commodities, and futures.
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spectrumlocalnews.comsyracuse.comThis bill is seen as a companion to a similar measure introduced in the House by Representatives Chip Roy and Seth Magaziner, which has attracted 126 co-sponsors.
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spectrumlocalnews.comGillibrand emphasized the need for reform, stating, "There's an American consensus around this, not a partisan consensus, that members of Congress...shouldn't be making money off the backs of the American people." This sentiment reflects a growing frustration among constituents regarding the perceived conflicts of interest that arise when lawmakers engage in stock trading.
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abcnews.go.comkiro7.comThe legislation would require current lawmakers to divest their individual stock holdings within 180 days of the bill's enactment, while newly elected members would have 90 days to comply.
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spectrumlocalnews.comsyracuse.comThis approach aims to create a clear boundary for lawmakers, as Gillibrand noted, "Members of Congress have shown they don't follow the rules, so I'd like a bright line for them.".Despite the bipartisan support for the bill, the legislative landscape remains complicated.House Republican leaders are advocating for their own version of stock trading restrictions, which critics argue is less stringent.Their proposal would prevent members and their spouses from purchasing new individual stocks but would allow them to retain existing holdings, requiring only a public notice seven days prior to any stock sale.
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abcnews.go.comspectrumlocalnews.comThe ongoing scrutiny of stock trading by Congress members has intensified in recent years, with allegations of lawmakers profiting from nonpublic information obtained through their positions.This has led to calls for stricter regulations, as both parties have pledged to address the issue in campaign ads.
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syracuse.comkiro7.comPolls indicate that a significant majority of the public supports a ban on stock trading by lawmakers.A 2023 survey by the University of Maryland found widespread backing for such measures, highlighting the disconnect between public sentiment and legislative action.
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spectrumlocalnews.comWhile the Gillibrand-Moody bill aims to establish a comprehensive ban, it does include an exemption for the president and vice president, a provision that may attract criticism from some Democrats.Gillibrand acknowledged that the president "should be held to the same standard" but described the current legislation as a "good place to start." She expressed a desire for more comprehensive reforms in the future.
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abcnews.go.comsyracuse.comThe path forward for the bill remains uncertain, as previous attempts to pass similar legislation have stalled in committee.A bill introduced by Gillibrand and GOP Senator Josh Hawley in 2023 failed to advance, raising questions about whether this new effort will gain traction.
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syracuse.comkiro7.comAs the issue of stock trading by Congress members continues to resonate with voters, both Gillibrand and Moody are positioning themselves as advocates for reform.Moody, who is seeking election to her first full term, stated that addressing stock trading is a top priority for constituents.Gillibrand, who chairs the Senate Democrats' campaign arm, echoed this sentiment, declaring, "The time has come...there's a drumbeat of people who want to get this done.".
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spectrumlocalnews.comkiro7.comIn conclusion, the introduction of this bipartisan bill marks a significant step in the ongoing effort to reform stock trading practices among lawmakers.As public scrutiny intensifies, the pressure on Congress to act decisively on this issue is likely to grow, potentially reshaping the ethical landscape of American politics.
