Scoop: New PAC to rally support for stock trading ban
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A freshly established PAC will start pressuring both Republican and Democratic lawmakers to support a congressional stock trading ban, Axios has learned.
Why it matters: President Trump renewed hope for a ban when he told Time magazine in an interview which published late last month that he would sign such a measure into law. But opponents remain on Capitol Hill.
- Ban the Trade PAC, the first entirely dedicated to targeting lawmakers on the issue, will launch the initial part of its paid media campaign Tuesday, we are told.
- Its first targets are Reps. Marjorie Taylor Greene (R-Ga.), Josh Gottheimer (D-N.J.) and John James (R-Mich.), all of whom have faced scrutiny over their stock trading activities.
The big picture: Ban the Trade PAC wants to ramp up the pressure around an issue that voters widely support.
- The PAC's first 30-second ad features both conservative and liberal lawmakers voicing support for a stock trading ban — and imploring lawmakers to "stop lining your pockets."
- Launched by veteran Democratic strategist Connor Farrell, the group aims to raise into seven figures for the effort, we are told.
- A 2023 University of Maryland poll found that an overwhelming bipartisan majority supports a congressional stock trading ban.
Yes, but: Gottheimer is a co-sponsor of the TRUST Act, which was reintroduced this Congress and would effectively bar lawmakers and their families from trading individual stocks.
Between the lines: The PAC plans to follow the investment patterns of lawmakers to help raise money for its advertising campaign.
- While not common, it is legal for PACs to invest in stocks.
Go deeper: "Market manipulation": Democrats scrutinize Trump's posts before tariff retreat
Editor's note: This story has been updated with additional reporting.
