In a recent interview, President Biden expressed his support for prohibiting members of Congress from trading stocks. He argued that lawmakers should not be able to profit from their positions and questioned how they could look constituents in the eye while engaging in such activities. While this marks the first time Biden has publicly taken a stance on the issue, its impact remains unclear due to his remaining term in office.
said in an interview published in part Tuesday that he is in favor of a ban on stock trading by members of Congress, taking a position on an issue that has been the subject of discussion and proposed legislation in recent years. on the progressive nonprofit news site More Perfect Union, Biden said he did not know how lawmakers could trade stocks in good conscience while representing their states or districts.
“I don’t know how you look your constituents in the eye and know because the job they gave you, it gave you the inside track to make more money,” Biden said.Biden’s remarks Tuesday were the first time he has taken a side on the issue, but it is unclear what impact they could have, given his lame-duck status with just over a month left in office.
Congressional stock trading has become a political flashpoint on Capitol Hill and beyond, as ethics watchdogs and some lawmakers allege that members of Congress who trade stocks are profiting from insider knowledge.dubbed the ETHICS Act, which would bar lawmakers from buying stocks and other covered investments and prevent them from selling stocks 90 days after the bill’s enactment. The bill would also bar such activities by their spouses and dependent children.
The proposal would also require the president and the vice president to divest from covered investments, and it would exact monetary penalties for violating the proposal, which one of the sponsors, Sen. Gary Peters, D-Mich., called “a commonsense piece of legislation that helps maintain trust in this institution.
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