R-Mo. Rep. Mark Alford is set to unveil a bill aimed at banning stock trading by members of Congress on Wednesday. This legislation is seen as a counterpart to Sen. Josh Hawley’s “Pelosi Act” in the Senate.
The bill proposed by Alford would prevent lawmakers and their spouses from buying, selling, or holding individual stocks while in office. However, investments in various mutual funds, exchange-traded funds, or U.S. Treasury securities would still be permissible. If the measure is enacted, current lawmakers would have 180 days to comply, while new members would also need to adhere to the law within the same timeframe after taking office.
“As public servants, we should hold ourselves to a higher standard and steer clear of even the appearance of corruption,” Alford noted. He expressed concern over the questionable stock trades many Congress members are involved in, often based on insider information that benefits them personally.
“These outright breaches of public trust must be addressed. It’s essential to take steps to prohibit such practices by members and their spouses,” he added.
According to the proposed legislation, any lawmakers who fail to comply with this rule and continue making improper stock transactions would be obliged to relinquish their profits to the U.S. Treasury. They could also face fines of up to 10% of the value from each illegal transaction.
Interestingly, former President Donald Trump has shown support for the ban on stock trading among Congress members, stating his willingness to sign it if it reaches his desk. In a recent interview, he remarked on seeing Nancy Pelosi amass wealth through insider information, indicating he would endorse similar measures.
“If they send it to me, I’ll do it,” Trump asserted when asked about the proposed trade ban.
Democrats in the House also seem to back this initiative, with House Minority Leader Hakeem Jeffries expressing his support last week.
