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Fact: Members of Congress should not be allowed to own or trade individual stock [1]
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Date: 2023-05-16
Previous investigations have revealed startling instances of lawmakers trading stocks in the sectors they oversee. As reported by Business Insider, 57 members of Congress and 182 senior staff violated the STOCK Act in 2021 alone, which mandates that lawmakers disclose their financial trades within 90 days. Yet some have chosen to ignore this crucial check on ethical behavior.
It doesn’t stop there. The investigation also found 75 lawmakers holding stocks in vaccine manufacturers like Moderna, Johnson & Johnson, or Pfizer in 2020. Most of these trades occurred in the early stages of the pandemic, a time when uncertainty and fear were rampant, and insider knowledge could provide a definitive edge.
The presence of lawmakers in the list of investors raises the specter of impropriety, of personal enrichment taking precedence over public duty. This flagrant disregard for established ethical standards is not only unsettling, it is, quite simply, unacceptable.
And it isn’t just the health care sector. Fifteen Congress members involved in shaping defense policy have stakes in military contractors, while several others involved in energy policy own stocks in fossil fuel companies. This blurring of lines between personal finances and public service erodes the public trust in the very institutions designed to protect and serve them.
The Ending Trading and Holdings in Congressional Stocks (ETHICS) Act would prohibit members of Congress, their spouses, and dependent minors from owning or trading stocks, commodities, or futures. The Senate version of the bill is sponsored by Democratic Sen. Jeff Merkley of Oregon and has the support of over 20 lawmakers.
In the House, Democratic Reps. Alexandria Ocasio-Cortez and Raja Krishnamoorthi and Republican Reps. Matt Gaetz and Brian Fitzpatrick are sponsoring companion legislation known as the Bipartisan Restoring Faith in Government Act.
Congress members are elected to serve, not to play the stock market. They should dedicate their time to the American people, not personal financial gain. If they want a career in trading, they should head to Wall Street, not Washington.
Our democracy is built on trust. When that trust is traded for stocks, we're all left poorer. Let's rally behind the ETHICS Act, demand accountability from our representatives, and ensure that public service remains just that—a service to the public, not a fast pass to fuller coffers.
Sign the petition: Members of Congress should dedicate their time to the American people, not personal financial gain.
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https://www.dailykos.com/stories/2023/5/16/2169521/-Fact-Members-of-Congress-should-not-be-allowed-to-own-or-trade-individual-stock
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