(HorizonPost.com) – Trading in the stock market combines chance, expertise, research and sometimes luck, but having access to and acting on confidential information prior to investing is illegal. Considering congressional lawmakers are privy to so much information ahead of the general public, many legislators want stock trading banned for all legislative members and their families.
Representative Jared Goldman (D-MN) penned a letter, signed by more than two dozen lawmakers, to House Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA). In the letter, he asked them to put an end to stock trading for congressional members by closing existing loopholes in the STOCK Act of 2012.
Two-thirds of Americans support banning members of Congress from trading stocks.
I joined a letter with 27 bipartisan lawmakers calling on House leadership to bring stock trading ban legislation to the floor. Let’s get this done. pic.twitter.com/tgJ3M6bghs
— Rep. Brian Fitzpatrick 🇺🇸 (@RepBrianFitz) January 25, 2022
The previous legislation was supposed to prevent members of Congress from using privileged information to trade stocks, but the letter points out there were many recent violations.
Reportedly, both Democrats and Republicans in Congress used information presumably gained from closed-door meetings about COVID-19 to trade stocks and financially benefit from the pandemic. Senators Richard Burr (R-NC), James Inhofe (R-OK), and Dianne Feinstein (D-CA) were among those subject to investigation regarding suspiciously-timed stock transactions.
The bipartisan letter, signed by 27 lawmakers in total, stated they don’t care if their colleagues “miss out on lucrative investments” because it’s not what elected legislators are in Congress to do.
If passed, elected officials on Capitol Hill will no longer be able to use their positions to “turn a quick buck,” as the letter points out.
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