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Democrats introduce bill banning lawmakers, judges from trading stocks


From THEHILL.COM

House Democrats introduced a long-awaited bill on Tuesday that seeks to ban members of Congress, federal judges, Supreme Court justices, the president and others from trading stocks, in an attempt to crack down on conflicts of interest throughout the government.

The 26-page bill, titled the Combatting Financial Conflicts of Interest in Government Act, would ban a slew of government officials from trading or owning investments in securities, commodities, futures, cryptocurrency or other digital assets.

Those covered by the legislation include members of Congress, their spouses and dependent children, senior congressional staffers, the president, the vice president, political appointees, judicial officers — including Supreme Court justices and various judges — members of the Federal Reserve System’s Board of Governors and the president or vice president of a Federal Reserve bank.

Individuals subject to the ban would be required to divest their holdings or place them into a qualified blind trust.

The measure, however, does not pertain to investments in diversified mutual funds, U. S. Treasury bills, state or municipal government bills, notes or bonds and investment funds held as part of a federal, state or local government employee retirement plan, among other types of widely held, diversified and publicly traded investment funds.

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The House Administration Committee released the text of the bill months after Speaker Nancy Pelosi (D-Calif.) in February directed Rep. Zoe Lofgren (D-Calif.), chairwoman of the House Administration Committee, to draft a bill.

The push to ban lawmakers from trading stocks has gained steam on Capitol Hill amid reports that members have violated laws meant to prevent conflicts of interests involving financial transactions.

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In September, The New York Times published an extensive report that said 97 lawmakers or their family members traded financial assets in the past three years that could be conflicts of interest.

Pelosi — whose husband, Paul Pelosi, is a venture capitalist — was at first against the idea of a ban on lawmaker stock trading, but ultimately endorsed the push in February. A bipartisan group of House lawmakers put the topic back in the news earlier this month when it penned a letter to leadership asking for a vote on a bill reforming lawmaker stock trading…. (Read more)

Tweets mentioned:

https://twitter.com/heatherscope/status/1574805421386235905



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