According to The New York Post, Sen. Ossoff will introduce a bill that would prohibit members of Congress trading stocks.
The proposal would be applicable to current members of the office, as well as their families.
Insider revealed that dozens had violated the STOCK Act.
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According to The New York Post, Sen. Jon Ossoff from Georgia will introduce legislation that would prohibit members of Congress trading stocks or holding individual stocks while they are in elected office.
The ethics bill — which the 34-year-old freshman Democratic senator reportedly hopes to file once he has a Republican cosponsor — would tackle legislative conflicts of interest by banning members and their families from trading stocks, according to a source in Washington DC with knowledge of the matter.
In addition, the legislation would likely mandate that lawmakers place their financial assets in blind trusts — an action that Ossoff took himself after being elected to the Senate in a January 2021 runoff election.
The proposed bill would be a stark contrast to Nancy Pelosi, House Speaker. She publicly defended the practice last month after Bryan Metzger asked her if she would support stock-trading bans for members at a press conference.
“We are a free-market economy. They should be able participate in that,” the veteran California Democrat stated in response to the question.
When the speaker was asked about Conflicted Congress — Insider’s comprehensive investigative project which revealed that 52 congressional lawmakers and 182 senior congressional staffers had infringed on the STOCK Act, an Obama-era law crafted to clamp down on insider trading — she indicated that she had not yet reviewed the body of work.
Pelosi stated that it was crucial that all members adhere to the law.
Although no Senate Republicans have yet publicly opposed stock trading among themselves, House Republicans such as Chip Roy of Texas, and Michael Cloud support legislation to end this practice.
Democrats like Senator Elizabeth Warren of Massachusetts, and Rep. Alexandria Ocasio Cortez from New York have maintained their support for stock-trading bans.
A proposed bill that would end trades among members — the Ban Conflicted Trading Act — was introduced in the Senate last year by four lawmakers, including Jeff Merkley of Oregon and Georgia’s other freshman senator, Raphael Warnock. Ocasio Cortez, Roy, and additional members of both parties support the House version.
The bill would prohibit trades between members and senior employees, but it would not allow for spouses or other family members to do so.
According to Insider, Pelosi is one of the wealthiest members of Congress — with a minimum estimated net worth of $46 million and reported assets dispersed among mutual funds, property holdings, and stocks owned by her husband, Paul.
Pelosi’s husband holds holdings in a variety of companies, including Alphabet and
According to an earlier source with knowledge of the proposal, Ossoff’s bill would close the spousal loophole.
According to a December survey conducted by the conservative group Convention of States Action, 76 percent of voters give a thumbs down to lawmakers and their spouses trading stocks — with the opinion that those individuals have garnered an “unfair advantage” in the stock market — while only 5 percent of voters were fine with the practice.