Under the heading of How is this not already illegal? comes the latest effort in Congress to prohibit sitting lawmakers from trading stocks. In an era of rock-bottom public trust in the institutions of government, ending this inherently shady-looking scenario shouldn’t garner a single “no” vote.
It’s an old issue that has taken on added relevance since early 2020, when the U.S. began descending into a pandemic that most Americans didn’t know would be the economic tsunami it became. But members of Congress had better information, getting closed-door briefings about the approaching public health catastrophe and the society-altering response that would be necessary.
Several sitting members dumped investments just before a stock market plunge that they were in a position to see coming while most other investors weren’t. Newly unsealed FBI documents show that Sen. Richard Burr, R-N.C., for example, abruptly sold more than half of his and his wife’s holdings right before the soaring market suddenly collapsed under the impact of economic shutdowns. Then-Sen. Kelly Loeffler, R-Ga., meanwhile, suddenly bought stock — in a remote-meeting technology company that was about to become one of the few market winners of the pandemic.
