Yahya 
Renewing attempts to enact legislation prohibiting Congressmen from trading stocks is a bipartisan group of U.S. senators. Sending a letter suggesting an amendment to the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, on July 9, 20 senators addressed House Speaker Mike Johnson and Democratic Leader Hakeem Jeffries.
Emphasizing the importance of such a restriction, Senator Josh Hawley said at a news conference, ” Congress should not be here to make a money. Congress members should not be making money off of the knowledge that only they possess and the rest of the American people lack.”
Proposed Amendment Details
The proposed amendment seeks to prohibit sitting congressmen from trading stocks ninety days after the measure is signed into law. Starting in March 2027, the restriction would also include the incumbent president, vice president, wives and dependant children of all current Congress members.
The senators underlined that Congressmen had, on average, outpaced the S&P 500 by 17.5% and that 97 members had traded equities where the committees they controlled had a direct influence.
One important change of the amendment is the higher fines for infractions. A significant rise from the present penalty of $250 per infraction, the new legislation would levy a punishment of 10% of the value of the item transferred.
Restoring Public Trust
The senators maintained that stricter laws are required to reduce unethical conduct and rebuild public confidence in democratic institutions. In a July 9 news release, Senator Golden said, “members of Congress should be working in service of their constituents, not using their positions to line their own pockets.”
Following a January 2022 proposal for significant changes to the STOCK Act, which gathered pace among public revelations of very successful trades by key legislators during the early days of the COVID-19 epidemic, the revived campaign follows.
Public Attention on Trading Activities
Congresswoman Nancy Pelosi, whose trading activities allegedly let her net fortune balloon to nearly $250 million despite her yearly congressional salary of $193,000, is the most famous instance. Successful trading by Pelosi has even motivated specialized copy-trading and stock-picking firms trying to replicate her profitable moves.
The senators are advocating strong action and pushing their colleagues to support the amendment as a required first step toward moral government and responsibility.
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