President Biden has expressed support for banning stock trading by sitting members of Congress. After four years of silence on the controversy, this is an 11th-hour turnaround.
“No one in Congress should be able to make money on the stock market while in Congress.” Biden said on the podcast “More Perfect Union.”
“I don't know how you looked into the eyes of your voters and provided them with an internal trajectory to make more money because of the jobs they gave you,” Biden said, adding: He said so. “I think the law needs to be changed.”
The interview was conducted by Faiz Shakir, a political advisor to Sen. Bernie Sanders (R-Vermont), and published by the labor advocacy and journalism group A More Perfect Union.
It's unclear what impact Biden's statement, released just a month before the end of his term, will have.
Mr. Biden had previously declined to take a position on Congressional stock trading.
His Democratic colleague, former House Speaker Nancy Pelosi, initially opposed the proposal to ban stock trading by members and their spouses.
Pelosi, who is married to venture capitalist Paul Pelosi, maintained that her husband trades stocks independently and that she was not involved. She said in December 2021 that there is a “free market” that members of Congress “should be able to participate in.”
Speculation about Pelosi's future in Congress has increased in recent days after the 84-year-old congressman from San Francisco underwent hip replacement surgery in Europe earlier this week.
Pelosi fell during a weekend visit to Luxembourg and broke her hip.
Financial disclosure forms show Paul Pelosi; Who is said to be worth more than $275 millionsold 2,000 shares of Visa stock worth between $500,000 and $1 million on July 1. In September, the Department of Justice announced that it would sue Visa for violating antitrust laws.
Since 2021, Pelosi has softened her stance in response to the backlash, saying she supports strengthening the current Stock Act, which requires lawmakers to disclose stock purchases and sales.
He also called for expanding disclosure requirements on stock transactions to include members of the judiciary, while increasing penalties for lawmakers who violate the rules.
The once-close relationship between Biden and Pelosi was strained after the former speaker played a key role in encouraging Biden to withdraw from the presidential race earlier this year over concerns about his age and mental acuity. is said to have occurred.
Pelosi told news outlets she had intended to push for a quick Democratic nomination following Biden's decision to step down, but her swift endorsement of Vice President Kamala Harris derailed those plans. .
Biden's support for the ban marks a somewhat significant turning point for a president who has been largely unactive on the issue.
When she served as White House press secretary two years ago, Jen Psaki said that Biden “will let Congressional leadership and members of Congress decide what the rules should be.”
A bipartisan proposal to ban transactions by members of Congress and their families has dozens of sponsors but has not yet been voted on.
Lawmakers are required to disclose stock transactions worth more than $1,000, but notifications are routinely filed late and sometimes not at all.
Shakir praised Biden for not “getting into Google, Boeing, Microsoft, Nvidia, and, you know, Amazon earlier” when he was a senator from Delaware, a position he held for 36 years. He said he did.
Biden said he is living off his senatorial salary instead of playing the stock market.
Congressional dealings have long been criticized by government watchdogs, who argue that access to nonpublic information creates a temptation for lawmakers to prioritize their own finances over the public interest.
Public anger has been rising since the coronavirus pandemic began. Some lawmakers have been arrested for buying and selling millions of dollars worth of stocks after being warned of upcoming disruptions due to the virus.
with post wire
