President Biden has expressed support for a ban on members of Congress trading individual stocks, citing concerns about conflicts of interest and insider trading.
next month, endorsed such a ban during an interview that was released on Tuesday. Bipartisan legislation banning members from trading individual stocks has been introduced in Congress, although it hasn’t come to a floor vote. Biden said that the law should be changed at the federal level so that “nobody in the Congress should be able to make money in the stock market while they’re in the Congress.
” He made the remarks during an“I never thought I was poor — I had a salary that a senator made,” Biden said. “But you know, I don’t know how you look your constituents in the eye and know because the job they gave you, it gave you an inside track to make more money.” Critics of current policy contend that allowing lawmakers to trade stock while in office can facilitate insider trading and conflicts of interest. The stock holdings of some lawmakers have far exceeded the performance of the S&P 500, at times by enormous degrees. The position of the Biden White House has previously been to stay out of the debate over stock trading and let Congress decide.in 2022 that while Biden “believes that everyone should be held to the highest standard … he’ll let members of leadership in Congress and members of Congress determine what the rules should be.” Legislation introduced in the House and Senate that would ban lawmakers from trading individual stocks has received support from both Democrats and Republicans
Stock Trading Congressional Ethics Insider Trading Biden Administration Bipartisan Legislation
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