Missouri Republican Sen. Josh Hawley introduced a bill on Thursday to stop members of Congress from profiting from insider trading.
The bill, the Banning Insider Trading in Congress Act, would prevent lawmakers and their spouses from holding, buying, or selling individual stocks.
The bill would allow for mutual funds and similar investments to continue.
“Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating,” Hawley said in a statement.
— Abigail Marone 🇺🇸 (@abigailmarone) January 13, 2022
“Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country.”
I have just released the full trading report on politicians in 2021.
In short, many beat the market.
They traded more than ever before.
And they made numerous unusually timed trades, resulting in huge gains.
— unusual_whales (@unusual_whales) January 10, 2022
The bill comes as 54 lawmakers, both Republicans, and Democrats, failed to properly disclose stock transactions according to the STOCK Act.
The new legislation will face hurdles as many of the lawmakers voting on the bill are also among those who would be negatively impacted by it.