WASHINGTON (NEXSTAR) — There’s a brand new effort on Capitol Hill to ban lawmakers from trading stocks, and it’s bipartisan. Those behind it say they believe this version of the bill has better odds than the ones that have failed to pass before.
The bill was introduced by Democratic Senators Jon Ossoff (Ga.), Gary Peters (Mich.) and Jeff Merkley (Ore.) along with Republican Senator Josh Hawley (Mo.).
“This is a historic moment in efforts to reform the ethics laws that govern Congress,” Ossoff said.
Various lawmakers have tried and failed to pass different versions of congressional stock trading bans for years now. Though this time, they seem more optimistic about its chances.
“This is going to be the first truly serious effort, attempt, and possibility at banning stock trading ever,” Hawley said.
The new bill would bar members of Congress, their spouses, and their children from buying and selling stocks. That prohibition would also extend to the President and Vice President.
“Members of Congress should not be playing the stock market while we legislate and while we have access to confidential and privileged information,” Ossoff said.
Senator Tim Kaine (D-Va.) says he supports this bill and says it’s different because it’s a compromise between lawmakers from both parties.
“It’s the effort to try to harmonize different versions of the same concept and get to more of a consensus,” Kaine said.
In the next few weeks, the senators say this bill will be considered by the Senate Homeland Security and Governmental Affairs Committee and will get a vote there.
Those behind the effort say that’s already progress.
“That will be the first time this has ever happened. No stock trade bill has ever been voted on,” Hawley said.
Senator Hawley says he expects the bill to pass in committee and is hopeful it will then get a vote in the full Senate and finally pass.
“I don’t know how senators of either party can tell their constituents ‘yeah, I voted to let myself make a whole bunch of money while I’m supposed to be doing your work,'” Hawley said. “There’s no argument here for allowing members of Congress to trade stocks when they’re supposed to be doing the people’s business.”
“This is long overdue. This is necessary and this is a major step forward,” Ossoff said.
