Ban Congressional Stock Trading Act requires members of Congress and their families to place stock portfolios into blind trusts while in office
Washington, D.C. — U.S. Senator Tammy Baldwin has cosponsored legislation to ban members of Congress from buying and selling stocks while in office.
Senator Baldwin has had the management of her financial assets in a blind trust while serving in the U.S. Senate since 2013, and the Ban Congressional Stock Trading Act, introduced by Senators Jon Ossoff (D-GA) and Mark Kelly (D-AZ,) will require all members of Congress, their spouses, and dependent children to place their stock portfolios into a blind trust — ensuring they cannot use inside information to influence their personal stock trades and make a profit.
“I don’t believe members of Congress should be taking the information they have and trading stocks to enrich themselves while making public policy. It’s our job to serve the people, not ourselves, and I support the Ban Congressional Stock Trading Act because it will help prevent corruption in Washington,” said Senator Baldwin, “This legislation will help ensure that members of Congress are focused on delivering results for the people we work for, and not making decisions that deliver profits to their own bank accounts.”
Members of Congress who violate the Ban Congressional Stock Trading Act will be fined in the amount of their entire Congressional salary.
Public opinion polling has shown that an overwhelming majority of Americans believe members of Congress should not be able to trade stocks while serving in office— including nearly 80 percent of Independents and Republicans.
Recently, 14 major government reform organizations — from across the political spectrum — united to call on Congress to swiftly pass the Ban Congressional Stock Trading Act, including the Campaign Legal Center, Citizens for Responsibility and Ethics in Washington (CREW), Fix the Court, FreedomWorks, Government Accountability Project, Issue One, National Center for Health Research, National Taxpayers Union, Progressive Change Campaign Committee, Project On Government Oversight, Public Citizen, Taxpayers for Common Sense, The Digital Democracy Project, and Transparency International — U.S. Office.
The legislation is also cosponsored by Senators Reverend Raphael Warnock (D-GA), Martin Heinrich (D-NM), Brian Schatz (D-HI), Patty Murray (D-WA), Kirsten Gillibrand (D-NY), and Debbie Stabenow (D-MI). Congresswoman Abigail Spanberger (D-VA-07) and Congressman Chip Roy (R-TX-21) introduced similar legislation in the House of Representatives last year.
Click here for a summary of the Ban Congressional Stock Trading Act.