WASHINGTON, D.C. — Today, U.S. Senator Tim Kaine (D-VA) applauded a bipartisan Senate proposal to ban members of Congress, their spouses, and their dependents from buying or selling stocks. The proposal is based on the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, legislation Kaine cosponsored which would prohibit members of Congress, their spouses, and dependent children from owning or trading securities, commodities, or futures. The Senate Homeland Security and Governmental Affairs Committee is expected to mark up the updated proposal in the coming weeks.
“Members of Congress are elected to serve their constituents, not themselves,” said Kaine. “We need to take steps to ensure the American public can be confident that Congress is working for them, and banning stock trading by members of Congress is a commonsense way to achieve that goal.”
According to the nonpartisanCampaign Legal Center, before the stock market was shaken by the onset of the global pandemic, dozens of House and Senate members made over a thousand financial transactions after receiving closed-door briefings. In 2022, members of Congress made more than12,700 individual trades, withdozens of membersmaking above average gains. A 2022New York Times investigationreported a fifth of all lawmakers trading in companies directly related to their work on a congressional committee. Even in a divided political climate,polling consistently showsthat 70% of voters support banning members of Congress from holding individual stocks, including majorities of Democratic, Independent, and Republicans.
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