There is a movement in Congress to ban the ownership or trading of stocks by members of Congress. One of the people pushing this is Senator Elizabeth Warren (D-Massachusetts). Here is what she had to say about it in an e-mail to her supporters:I think this is pretty basic, but apparently it’s a newsflash to some people in Washington:
The American people deserve to have complete confidence that members of Congress are making decisions based on what’s best for the country — not what’s best for those lawmakers’ own personal finances.
So we need to ban members of Congress from owning and trading individual stocks.
I’m coming out with a new bill to do exactly that — and it’s already got bipartisan support. Now, to get it over the finish line, we need to show that the American people are demanding action.
Remember: Not so long ago, Republican Senators Kelly Loeffler and David Perdue played down the danger of COVID-19 in public while privately trading stocks to profit from the pandemic. They both lost their re-election campaigns, but the potential for conflicts of interest still lurks around Capitol Hill — and we’ve got to clear it out.
Now, let’s be clear — I’m more than ready to go even further than this plan. My larger bill to root corruption out of Washington would ban Cabinet secretaries, federal judges (including Supreme Court justices), and other top officials from owning and trading individual stocks.
But this bipartisan plan, focused on Congress, is a straightforward first step. And there’s real momentum behind it right now.
Here’s how the ban would work:
- After a short transition period, members of Congress and their spouses won’t be allowed to own or trade individual stocks.
- Instead, they can put their money in conflict-free investments like diversified mutual funds.
- And if they break the rules, they’ll have to pay a $50,000 fine per violation.
It’s clear and sharp. It says that senators and representatives shouldn’t be able to write laws to enrich themselves. And anyone who isn’t ready to follow these basic rules can pick a new line of work.
I’ve been working on this issue for years, and I believe we’re closer than ever to making it happen. Republicans and Democrats are working together to say enough is enough. Now is the moment for everyone to raise their voices.
Thanks for being a part of this,
Elizabeth
