Georgia Sen. Jon Ossoff (D) is set to introduce a Bill that would bar Members of Congress from Trading Individual Stocks. The Proposal would apply to Members that are currently serving in Office, along with their Families.
The Ethics Bill, which the 34-year-old Senator, hopes to file once he has a Republican Cosponsor, would tackle Legislative Conflicts-of-Interest.
In addition, the Legislation would likely Mandate that Lawmakers place their Financial Assets in Blind Trusts, an action that Ossoff took himself after being Elected to the Senate in a January 2021 Runoff Election.
The proposed Bill would present a huge Contrast to House Speaker Nancy Pelosi (D-CA, 12th District), who last month publicly Defended the Practice. "We are a free-market economy. They should be able to participate in that," Pelosi said in response to the Question from Insider's Bryan Metzger.
When the Speaker was asked about Conflicted Congress, Insider's comprehensive Investigative Project which revealed that 52 Congressional Lawmakers and 182 Senior Congressional Staffers, had infringed on the STOCK Act, an Obama-era Law crafted to clamp down on Insider Trading, she indicated that she had Not yet reviewed the body of work. Pelosi then stated that it was imperative that Members adhere to the Terms of the Law.
So far, No Senate Republicans have publicly voiced Opposition against Stock Trading among Members, but House Republicans including Reps. Michael Cloud (27th District) and Chip Roy (21st District) of Texas, back Legislation Ending the Practice.
And Democrats including Sen. Elizabeth Warren (MA) and Rep. Alexandria Ocasio-Cortez (NY-14th District) have held firm to their Endorsement of Stock-Trading Bans.
A proposed Bill that would end Trades among Members, the Ban Conflicted Trading Act, was introduced in the Senate last year, by Four Lawmakers, including: Jeff Merkley (D-OR) and Georgia's other Senator, Raphael Warnock (D). A House version is backed by Ocasio-Cortez and Roy, along with additional Members from both Parties.
However, the Bill would bar Trades among Members and Senior Staffers, while Excluding Congressional Spouses and other Family Members.
According to Insider, Pelosi is One of the Wealthiest Members of Congress, with a minimum estimated Net Worth of $46 Million, and reported Assets dispersed among Mutual Funds, Property holdings, and Stocks owned by her husband, Paul. Paul possesses Holdings in a range of companies, from: Alphabet and Netflix, to Salesforce and Slack.
Ossoff's Bill would Close the Spousal Loophole.
According to a December Survey conducted by the Conservative group, Convention of States Action, 76% of Voters give a thumbs Down to Lawmakers and their Spouses Trading Stocks, with the Opinion that those Individuals have garnered an "unfair advantage" in the Stock Market, while only 5% of Voters were fine with the practice.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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