HomeNewsBill Proposal Could Ban Members of Congress from Trading Stocks

Bill Proposal Could Ban Members of Congress from Trading Stocks

by Samantha Whidden
(Photo by Mark Wilson/Getty Images)

A group of democrats and republicans are reportedly teaming up to propose a new bill to ban sitting members of Congress from trading stocks. 

According to AXIOS, Georgia Democratic Senator, Jon Ossoff, is planning to introduce the ethics will that will ban current members of Congress, their spouses, and dependent children from trading individual stocks Ossoff is notably in talks with potential Republican co-sponsors for the bill. But no specific candidates have been confirmed quite yet. 

Meanwhile, Missouri Republican Senator, Josh Hawley, stated his support for the trading ban among Congress members. However, Hawley wasn’t clear if he will endorse the bill to include spouses and family members. The media outlet reports that Republican Leader Kevin McCarthy shows interest in legislation to limit or ban Congress members from trading stock. But only if the GOP wins control of the house 2022. 

Speaker of the House, Nancy Pelosi, previously spoke out against any such ban on Congress members. Her husband allegedly purchased millions of dollars worth of tech stock. She declared last month, “We’re a free-market economy. [Lawmakers] should be able to participate in that.”

Wisconsin Democratic Candidate, Tom Nelson, shares with the media outlet, “Democrats and Republicans equally take advantage of this and it is wrong. They don’t need to be trying like Gordon Gekko or Bud Fox. Just get mutual funds and CDs like the rest of us. How difficult can that be?” 

President Biden to Speak at Congress During His First State of the Union Address in March 

CNBC recently announced that President Biden is set to speak in front of Congress during his first State of the Union address on March 1st. It was reported that Biden’s upcoming speech would be the latest scheduled State of the Union address since 1934. This was after Congress shifted the opening of its session in January. 

In a letter to President Biden, Speaker of the House, Nancy Pelosi, wrote, “Thank you for your body vision and patriotic leadership. Which have guided America out of crisis and into an era of great progress. As we not only recover from the pandemic but Build Back Better! Indeed, this past year has been historic. With the life-saving American Rescue Plan; Once-in-a-century Bipartisan Infrastructure Law; and soon, the truly transformational Build Back Better Act!”

Pelosi invited President Biden to address Congress on March 1st to share his vision of the State of the Union. “Thank you for considering this invitation to speak to Congress and Country.”

According to Article Two of the U.S. Constitution, Presidents are required to give Congress information about the State of the Union. And recommend to their consideration such measures as they shall judge necessary and expedient. President Biden previously spoke to a joint session of Congress after he entered office last year. However, this was not a State of the Union address.