Jul 10, 2024 - Politics & Policy

Senators unveil bipartisan deal on stock trading ban

Stephen Neukam

Sen. Jon Ossoff (D-GA) walks through the Senate Subway to participate in a vote on the Senate Floor at the U.S. Capitol Building on November 16, 2022 in Washington, DC. (Photo by Anna Moneymaker/Getty Images)

A bipartisan group of senators reached a deal Wednesday on legislation to ban stock trading by members of Congress, setting the bill up for action in the Senate later this month.

Why it matters: The agreement breathes new life into the push to ban stock trading by lawmakers, which is supported broadly by voters but has stumbled on Capitol Hill.

Members of both the House and the Senate trade stocks at a high rate, raising questions about ethics.

Zoom in: The deal would immediately prohibit members of Congress from buying stocks and selling stocks 90 days after the bill is signed into law.

It would also ban member spouses and dependent children from trading stocks starting in March 2027.
Penalties for violating the law would either be the monthly salary of a lawmaker or 10% of the value of each asset they buy or sell.

The agreement was reached by Sens. Jon Ossoff (D-Ga.), Gary Peters (D-Mich.), Josh Hawley (R-Mo.) and Jeff Merkley (D-Ore.).

The big picture: Previous efforts to get a stock trading ban passed through Congress have failed over the last few years.

But the bipartisan backing in the Senate could tee up the bill for rare progress during an election year.
The Senate Homeland Security and Governmental Affairs Committee will mark up the bill on July 24.

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Senators unveil bipartisan deal on stock trading ban

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