Sunday, July 28, 2024–1:40 p.m.
-David Crowder, WRGA News-
Legislation to ban member of Congress from trading stocks has been passed by the US Senate Homeland Security and Governmental Affairs Committee.
Georgia Senator Jon Ossoff called the bill essential ethics reform, adding it is something he pledged to tackle were he elected.
“Just a few months after I was elected I introduced the Ban Congressional Stock Trading Act,” he said. “Georgians of all political persuasions and Americans of all political persuasions agree that members of Congress should not be playing the stock market while we are in office. Members of Congress should not be trading stock while we make policy decisions that impact business and industry, and while we have access to confidential and privileged information.”
Senator Ossoff said he would like to have a vote on the floor of the Senate before the election, adding there is limited floor time between now and the end of the year.
“The options include trying to include this as another legislation package that may move through the Senate,” he said. “We could offer this as an amendment to another major bill, or put it on the floor as a standalone measure. Ultimately, I want to get this done.”
Members of Congress would be banned from trading stocks 90 days after the law is enacted.
In addition, spouses and dependent children are also banned from trading stocks starting in March 2027.
The bipartisan modified legislation also requires Members of Congress, the President, and the Vice President to divest from all covered investments, starting in 2027.