WASHINGTON — Some Democrats are calling on leadership to help pass legislation prohibiting members of Congress from trading stocks.
“It is for the public trust and not our portfolios,” Rep. Abigail Spanberger (D-Va.) said.
Spanberger believes it’s time to prevent members of Congress from trading stocks.
“We need to do everything we can to affirmatively demonstrate that we are worthy of the trust that we are asking of the American people,” Spanberger said.
Some lawmakers were accused of making money off of market swings during the pandemic. Rep. Alexandria Ocasio-Cortez (D-N.Y.) says that hurts the country.
“And that exploitation of that crisis of faith is a direct threat to our Democracy as we have seen over the last two to four years,” Ocasio-Cortez said.
Rep. Andy Kim (D-N.J.) says the problem affects both parties.
“If you hold stocks, and you sit on committees that do business on those issues, there’s always going to be that concern,” Kim said.
Some Republicans, like Rep. Fred Keller, support reform.
“Let’s take a look and have the discussion and enact policy that gives people faith and confidence in the people they are sending here to make policy,” Keller said.
But not everyone is on board. Rep. Rodney Davis (R-Ill.) said implementing a ban or blind trusts to avoid conflicts could be costly.
“Forcing middle-class members to divest their ownership portion of a family farm or to divest ownership in a business… I just think that is untenable,” Davis said.
And despite the push from some members of Congress, it’s unclear if leaders in the House and Senate will allow a vote.
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