President Joe Biden has voiced his support for a ban on congressional stock trading in a recent interview. He emphasized that members of Congress should not be allowed to engage in stock market activities while serving in their roles.
The interview, conducted by a political adviser for Sen. Bernie Sanders and published by a pro-labor advocacy organization, highlighted Biden's stance on the issue. This comes as a bipartisan proposal to prohibit trading by lawmakers and their families has gained traction but has yet to be voted on.
Congressional stock trading has been a contentious issue, with instances of lawmakers making significant transactions based on privileged information. Despite the requirement for lawmakers to disclose stock transactions exceeding $1,000, compliance with these rules has been inconsistent.
Biden, reflecting on his own time as a senator, noted that he refrained from stock market investments and lived on his senatorial salary. He expressed concern about the ethical implications of using insider knowledge for personal financial gain.
The president's endorsement of a ban on congressional stock trading marks a shift in his previous stance on the matter. While he had previously deferred to Congress on setting rules, Biden now advocates for legislative changes to prevent conflicts of interest and uphold transparency.
As the debate on this issue continues, Biden's statement adds momentum to the push for reform in how lawmakers handle their financial investments while in office.
