Atlanta, Ga. — Momentum continues to build for U.S. Senator Jon Ossoff’s legislation to ban members of Congress from trading stocks.
Today, 14 major government reform organizations — from across the political spectrum — united to call on Congress to swiftly pass Sen. Ossoff’s Ban Congressional Stock Trading Act.
“By large majorities, the American people have made it clear that they do not support Members of Congress trading stocks, and they want Congress to do something about it. This view cuts across partisan affiliation, so it is encouraging to see this issue garner rare bipartisan support in Congress. The public needs to know that Congress recognizes the issue of insider trading as a problem that undermines its own legitimacy and erodes the trust of voters,” the groups wrote to Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell. “The good news is that Congress is able to respond to this concern in a meaningful way by advancing [Sen. Ossoff’s legislation] and sending it to President Biden’s desk for his signature.”
Sen. Ossoff’s Ban Congressional Stock Trading Act will prohibit all members of Congress, their spouses, and dependent children from trading stocks — ensuring they cannot use inside information to influence their personal stock trades and make a profit off their public office.
Members of Congress who violate the Ban Congressional Stock Trading Act will be fined in the amount of their entire Congressional salary.
Sen. Ossoff, a former investigative journalist whose company exposed corruption around the world, fulfilled his pledge to put his own stock portfolio in a blind trust last year, making him one of only 10 sitting members of Congress to do so, according to Insider.
76 percent of voters — across the political spectrum — believe members of Congress and their spouses should not be allowed to trade stocks while in office, including nearly 78 percent of Republicans and 80 percent of Independents.
Click here to read their letter.