Should Congress Members Be Prohibited From Buying and Selling Stocks?

Following a report on congressional stock trading, outlets across the spectrum are publishing articles about pushback against congress members with acute insight of economic headwinds engaging in stock trading.

Well-Timed Stock Decisions: A report from the New York Times this week outlined how “members of Congress continue to buy and sell stocks and other financial assets in industries that intersect with their official duties.” Times’ reporting found that “at least eight members of Congress or their close relatives sold shares of bank stocks in March” during the banking crisis sparked by the collapse of Silicon Valley Bank. 

Calls For Reform: The NYT report led Matt Lewis to write a piece calling for congress members to be prohibited from trading stocks. Lewis argued that banning congress members from trading stocks would help restore public trust, writing, “There is an increasing sense that the game is rigged for the politically connected—for good reason.” Lewis argues that “this sense of privilege helps fuel the outrage that makes the American political game dangerous and the concept of liberal democracy tenuous.”

Legislative Efforts: In recent years, efforts to pass legislation to prohibit congress members from trading stock have stalled in congress. Calls for such legislation have come from both parties, from Rep. Alexandria Ocasio-Cortez (D-NY) to Rep. Josh Hawley (R-MO). This week, Fox News reported on a new bipartisan proposal that would prohibit lawmakers from trading stocks while on federal government property or using government phones, similar to existing congressional restrictions on gambling.