On Thursday, through a press release, U.S. Senator Josh Hawley (R.Mo) says he plans to introduce the Banning Insider Trading in Congress Act, which would stop Congress and their partners from holding or trading individual stocks.
“Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating. Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country. Here’s something we can do: ban all members of Congress from trading stocks and force those who do to pay their proceeds back to the American people. It’s time to stop turning a blind eye to Washington profiteering,” said Hawley
The Act would give members of Congress and their spouses six months, upon assuming office, to divest any prohibited holdings or place those holdings in a blind trust for the remainder of their tenure in office.
It would also Ensure Members or their spouses forfeit any investment profits to the American people via the U.S. Treasury if they are found to be in violation if the Act