NEW: CLC Applauds Senate Committee Passage of Bipartisan Bill to Ban Congressional Stock Trading
Washington, DC — Today, the U.S. Senate Committee on Homeland Security and Governmental Affairs advanced vital legislation that would help restore public trust in our government. Specifically, lawmakers on the committee voted 8-7 to approve a modified version of S. 1498, a bipartisan bill that would ban sitting members of Congress, the president and the vice president from buying and selling stocks, as well as other securities, commodities or futures. This reform is necessary to address voters’ growing concerns about corruption and the conflicts of interest that can arise when elected officials trade stock.
The modified version of S. 1498 closely mirrors the text of the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, legislation that Campaign Legal Center (CLC) endorsed and was passed by the same Senate committee last year. Today’s vote sends this policy proposal to the full Senate once again, a major milestone in the legislative process.
In response to this development, Kedric Payne — CLC’s vice president, general counsel, and senior director, ethics — issued the following statement:
“Every day, members of Congress craft laws that directly impact the lives of Americans. At the same time, they are often aware of information before the broader public or that voters never learn about. As long as lawmakers are allowed to buy and sell stocks, these realities can create unfortunate incentives for some officials to prioritize personal profit over policymaking.
“To prevent corruption and conflicts of interest, CLC has long called on Congress to update the STOCK Act, which merely requires members to disclose their transactions, and fully ban stock trading by sitting legislators. In the absence of these stronger rules, we’ve seen congressional stock trading proliferate. This has led to repeated examples of ethical violations and questionable financial activity, including during global health emergencies and times of great economic uncertainty.
“Voters have a right to know that their elected representatives are acting in the public’s best interest and are not motivated by their personal financial interests. The bill that advanced today would realize this essential goal. Campaign Legal Center thanks the bipartisan champions of this reform, and we urge both chambers of Congress to now pass this legislation without delay.”
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The nonpartisan Campaign Legal Center advances democracy through law. We safeguard the freedom to vote, defend voters’ right to know who is spending money to influence elections, and work to ensure public trust in our elected officials.
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