Speaker Mike Johnson (R-La.) has expressed a willingness to explore the possibility of banning stock trading among members of Congress.
This proposal has primarily come from Democrats, including former House Speaker Nancy Pelosi (Calif.) and House Minority Leader Hakeem Jeffries (NY).
“There’s probably a reason the bill hasn’t progressed over the years—there hasn’t really been any consensus on it. But I’m open to discussing it,” Johnson mentioned in an interview with NPR.
He further stated, “I won’t trade stocks.”
Just days before President Trump’s inauguration in January, a bipartisan assembly of lawmakers aimed to prevent Congress members, along with their spouses and dependent children, from trading individual shares while in office.
In support of this initiative were representatives Dusty Johnson (Rs.D.), Chip Roy (R-Texas), and Seth Magaziner (Dr.I.).
“It seems most Americans agree that lawmakers should be restricted from buying shares,” Dusty Johnson commented on the initiative.
He added, “As Congress members, we might have access to sensitive information about businesses and markets, so we should never be in a position to use that for personal gain.”
While Congress members are already forbidden from acting on insider information under federal law, the Stock Act, enacted in 2012, mandates that they report any stock transactions within 30 days.
However, ethics advocates point out that there are virtually no real consequences for violating these rules. The penalty stands at $200, and no member has faced charges for such violations.
