At a bipartisan press conference today, U.S. Senator Josh Hawley (R-Mo.), alongside Senators Gary Peters (D-Mich.), Jon Ossoff (D-Ga.), and Jeff Merkley (D-Ore.), announced new legislation aimed at banning stock trading for sitting members of Congress. The proposed legislation will be considered at the Homeland Security and Government Affairs Committee business meeting on July 24, marking the first time a Senate committee will consider such a ban.
“Why should members of Congress be spending their time day trading rather than focusing on the priorities the American people sent us here to achieve and focus on?” Senator Hawley asked. He continued, “Congress should not be here to make a buck. Congress should be here to serve the people. There is no reason why members of Congress ought to be profiting off of the information that only they get and the rest of the American people don’t get.”
The bipartisan agreement proposes several key measures:
– Immediately ban members of Congress, the President, and Vice President from buying and selling covered assets, including securities, commodities, futures, options, trusts, and other comparable holdings.
– Require elected officials, their spouses, and dependent children to divest covered assets beginning in 2027.
– Increase penalties for violations of STOCK Act disclosure requirements from $200 to $500.
Senator Hawley has previously introduced multiple bills aimed at curbing stock trading by government officials. These include the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, the Eliminating Executive Branch Insider Trading Act, and the Ban Stock Trading for Government Officials Act.
