Senator Gillibrand introduces legislation to ban senior officials from stock trading.
WASHINGTON — U.S. Sen. Kirsten Gillibrand is proposing new legislation that would prevent senior government officials from holding or trading individual stocks, citing concerns over fairness and public trust.
The senator highlighted that from 2019 to 2021, 1 in 3 members of Congress traded stocks or other assets, raising questions about potential conflicts of interest. She also noted that support for such a ban is bipartisan, with 86 percent of Americans across political lines backing restrictions on members of Congress trading individual stocks.
Gillibrand’s proposed legislation aims to strengthen ethical standards in government and ensure that elected officials serve the public interest rather than their personal financial gain.
“Government officials are entrusted with privileged and often confidential information to carry out important work and serve the American people. It is absolutely unacceptable that so many of them seem to be using their power to advance their own financial interests,” Gillibrand said in a statement Thursday.
“The American people deserve to know that their elected officials are working in their best interest, not watching their stock portfolios grow. By banning stock holding and trading, the No Stock Act will solve this problem once and for all. I am determined to get it across the finish line.”
