Senators from both parties unveiled bipartisan compromise bill that would require all members of Congress, spouses and dependent children to stop buying or selling individual stocks, saying it will help restore confidence in Congress.
Senator Jeff Merkley, a Democrat from Oregon and Senator Josh Hawley, a Republican from Missouri, are part of a group of lawmakers unveiling a bipartisan bill banning lawmakers from trading stocks.
Merkley previewed the new proposal in an exclusive interview with NPR, saying,"if you want to serve in Congress don't come here to serve your portfolio, come here to serve the people."He argued the the issue cuts across party lines,"The public is absolutely united in saying stock trading is wrong," Merkley said, pointing to a University of Maryland poll indicating 85% of the public backed banning trading by members of Congress.
"The fact that members of Congress do better than a generalized portfolio suggests that there's privileged information that folks hear about — may not be inside information, maybe it's early information, maybe it's an insight that comes from working on a sector through your committee work or so on an so forth, But that is an issue," Merkley said.
The current law includes an enforcement mechanism that experts say is weak, with lawmakers facing a $200 fine for failing to report trades within the required deadline, which advocates say is the only way to track whether investments could be related to official duties. But members of both parties admit they have failed to file reports on time, and some file weeks or even more than a year late.
Under the new Senate proposal all lawmakers and new members elected would have to alter existing portfolios by March 31, 2027. They would be given 120 days to divest all covered investments. The proposal also includes a provision requiring a certificate of divestiture covering both the President and the vice president.
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