Rashida Tlaib, Allies Urge New Law To Ban Congress Members From Owning Stocks - Letter
Fahad Shabbir (@FahadShabbir) Published January 24, 2022 | 11:00 PM
WASHINGTON (UrduPoint News / Sputnik - 24th January, 2022) US Rep. Rashida Tlaib and three other legislators, one fellow Democrat and two Republicans, have called on the leaders of Congress to prohibit all members of the body from owning any stocks traded on Wall Street while they serve, they said in a letter sent to the Senate and House leaders on Monday.
"We are writing to urge you to swiftly bring legislation to prohibit members of Congress from owning or trading stocks, such as the Ban Conflicted Trading Act or the TRUST in Congress Act, to the House floor," the members of Congress wrote in their letter to House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer.
Congress passed the STOCK Act in 2012 in an attempt to prevent members of the institution from using congressional knowledge to their advantage in stock trading.
However, one recent investigation found that the STOCK Act has been violated hundreds of times just since 2020, the letter noted.
"This common-sense, bipartisan legislation is unfortunately necessary in light of recent misconduct, and is supported by Americans across the political spectrum. Both of you have recently addressed this issue in public comments, but this glaring problem will not go away until it is fixed and Congress should not delay when we have the power to fix it," the members wrote.
In 2020, senators from both parties made significant stock sales after receiving closed briefings on the emergence of COVID-19. According to recent polling, 76% of Americans including 70% of Democrats, 78% of Republicans, and 80% of independents say that members of Congress should not be allowed to trade stocks, the letter added.
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