WASHINGTON — Democratic lawmakers say support is growing for a full ban on members trading or owning individual stocks and stronger penalties for those who engage in insider trading.
A proposal introduced Tuesday by Sen. Jeff Merkley, D-Ore. — with support from 20 Democratic and independent Senate colleagues — would dramatically reshape rules governing members’ ability to profit off investments while in office. It’s the latest in a more than decade-long effort by Merkley and others to curb what they see as unethical trading by lawmakers. A companion bill to the Senate legislation was introduced by Rep. Raja Krishnamoorthi, D-Ill., in the House.
“The American people know that there is corruption on Capitol Hill, that members are writing legislation thinking about their stock portfolio. ... That members are buying stocks with information the public doesn’t have. That’s wrong,” Merkley said Tuesday at a news conference outside the Senate. “We need to end it. We have a growing coalition to make that happen.”
