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Bipartisan trio introduces bill to ban lawmakers from owning and trading stocks in renewed push
Byron Donalds: Members of Congress should be banned from making individual trades
Rep. Byron Donalds, R-Fla., and former Trump economic advisor Steve Moore weigh in on a bipartisan push for a ban on members of Congress trading stocks on ‘The Evening Edit.’
A bipartisan trio of lawmakers introduced a bill on Tuesday that would ban members of Congress and their spouses from investing in individual stocks, a move that the authors say is necessary to restore public trust in the institution.
The Bipartisan Ban on Congressional Stock Ownership Act was introduced by Democratic Washington Rep. Pramila Jayapal, the Chairwoman of the Congressional Progressive Caucus, along with Reps. Matt Rosendale, R-Mont., and Ken Buck, R-Colo., who are both members of the conservative House Freedom Caucus.
The bill would ban members of Congress from owning and trading individual stocks, bonds, futures, and other securities, with a $50,000 fine for each violation of the law. Members of Congress would still be able to own diversified investments such as mutual funds and ETFs.
"Members of Congress are elected to serve the people, not our own financial interests," Jayapal said in a statement on Tuesday. "As long as members and their spouses are allowed to trade individual stocks – the door to corruption remains open."