Jan 18, 2022 - Politics & Policy

Psaki: Biden will let Congress determine stock trading rules

U.S. President Joe Biden waves to journalists as he returns to the White House on January 17, 2022 in Washington, DC.

President Biden waves as he returns to the White House on Jan. 17. Photo: Chip Somodevilla/Getty Images

The Biden administration will defer any rule changes around lawmakers trading stocks to congressional leadership, White House Press Secretary Jen Psaki said Tuesday.

The big picture: Psaki's remarks come as momentum is building among some progressive Democrats and MAGA Republicans on a proposal to ban sitting lawmakers from trading individual stocks, Axios' Dan Primack and Sophia Cai report.

Driving the news: "The President didn't trade individual stocks when he was a senator, that is how we approached things," Psaki said. "He also believes that everyone should be held to the highest standard, but he'll let the leadership in Congress ... determine what the rule should be," she added.

  • The proposal — which could ban lawmakers, their spouses and dependent children from trading individual stocks while in office — is unlikely to be brought up for a vote by congressional leadership.

Go deeper: Momentum builds to ban lawmakers from trading stocks

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