According to a report from The Daily Wire, bipartisan efforts have resumed to enforce checks on members of Congress —preventing them from trading individual stocks while in office.
Several prominent lawmakers have been accused of leveraging their intimate knowledge about forthcoming regulations to purchase stocks at opportune times or mitigate losses by selling shares. The legislation introduced on Tuesday by Rep. Pramila Jayapal (D-WA), Rep. Matt Rosendale (R-MT), and Rep. Ken Buck (R-CO) would ban the trading of individual stocks, bonds, commodities, and futures by lawmakers and their spouses, as well as establish a $50,000 civic penalty for each violation enforced by the Department of Justice and the United States Office of Special Counsel.
“It’s past time for Washington to do the right thing and ban members of Congress from using their elected position to enrich themselves,” Buck said in a press release. “Members of Congress receive information that the public does not, it is inappropriate for elected officials to then turn around and invest or buy stocks using that insider information. The American people must have trust that Congress uses this information only to conduct official business, not benefit a stock portfolio.”
Newly elected members of Congress would have a transition period in which they could divest their shares and could defer taxation on gains from investments they are forced to sell.
More over at The Daily Wire:
Paul Pelosi, being a democrat, is above the law.