NEW YORK (WBNG) — According to Senator Kirsten Gillibrand, for far too long, members of Congress have personally benefited from owning or trading stocks.
Gillibrand introduced the “No Stock” Act, which would ban senior government officials, including members of Congress, Supreme Court Justices, the President, the Vice President and their immediate families, from owning and trading the stock.
Back in 2012, Gillibrand’s “Stock” Act was passed, which barred Congress members from using insider information to buy and sell stocks.
The senator said that despite the act, members of Congress traded stocks or other financial assets from 2019 to 2021.
“1 in 3 members of Congress traded stock or other financial assets and more than 3,700 of those trades posed potential conflicts of interest with their legislative responsibilities,” said Gillibrand.
Gillibrand hopes this legislation eliminates those conflicts and bans stock trading completely.
86% of Americans support passing a bill to ban members of Congress from trading individual stocks.
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