Three congressional Democrats on Monday introduced legislation that would bar lawmakers and staff from trading stocks after revelations that numerous senators sold stock after attending a briefing on the threat of novel coronavirus.
“The recent news reports have made it clear that it’s past time to end the potential conflicts of interest created by Members of Congress and their top staffers trading in stocks while making decisions affecting their values and receiving sensitive, nonpublic information through government service,” Rep. Raja Krishnamoorthi
Subramanian (Raja) Raja KrishnamoorthiHouse panel demands explanations from travel insurance firms not covering coronavirus cancellations Illinois governor endorses Biden one day before primary Biden rolls out over a dozen congressional endorsements after latest primary wins MORE (D-Ill.), who co-sponsored the bill, said in a statement.
“Our legislation will prevent members from trading individual stocks and holding positions on corporate boards to help ensure that Congress is working for the American people and not their own stock portfolios,” he added.
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“Members of Congress should not be allowed to buy and sell individual stock,” added co-sponsor Rep. Alexandria Ocasio-Cortez
Alexandria Ocasio-Cortez Governors press Trump on coronavirus response Sunday shows – Mnuchin: Tentative coronavirus package will include average of ,000 to a family of four Ocasio-Cortez: Give stimulus checks to everyone now, collect next year from those who don’t need them MORE (D-N.Y.) “We are here to serve the public, not to profiteer.”
Sen. Jeff Merkley
Jeffrey (Jeff) Alan MerkleyLawmakers ask Trump administration to help Gulf oil and gas producers Overnight Energy: Trump prepares to buy 30M barrels of oil amid industry slump | Coronavirus offers reprieve from air pollution | Energy regulators split on delaying actions amid outbreak Trump administration prepares to buy 30M barrels of oil amid industry slump MORE (D-Ore.) introduced corresponding legislation in the Senate last year after securities fraud charges against then-Rep. Chris Collins
Christopher (Chris) Carl CollinsFormer Rep. Chris Collins sentenced to 2 years in prison for insider trading GOP leaders encourage retiring lawmakers to give up committee posts Democrats running to replace Duncan Hunter, Chris Collins vow to support ethics package MORE (R-N.Y.), who pleaded guilty and resigned last October.
The bill comes after reports surfaced that Sens. Richard Burr
Richard Mauze BurrHave no fear, the general election will move forward Loeffler under fire for stock trades amid coronavirus outbreak On The Money: McConnell sets first vote on coronavirus stimulus for Sunday | Five sticking points to a deal | Four senators sold stocks before coronavirus crashed markets | ‘Tax Day’ delayed until July 15 MORE (R-N.C.), Kelly Loeffler
Kelly LoefflerLoeffler under fire for stock trades amid coronavirus outbreak On The Money: McConnell sets first vote on coronavirus stimulus for Sunday | Five sticking points to a deal | Four senators sold stocks before coronavirus crashed markets | ‘Tax Day’ delayed until July 15 Overnight Health Care: Trump triggers emergency powers in coronavirus fight | McConnell sets first stimulus vote for Sunday | Five sticking points for stimulus talks | Treasury delays tax filing deadline | Dems push insurers to cover virus tests MORE (R-Ga.), Dianne Feinstein
Dianne Emiel FeinsteinLoeffler under fire for stock trades amid coronavirus outbreak On The Money: McConnell sets first vote on coronavirus stimulus for Sunday | Five sticking points to a deal | Four senators sold stocks before coronavirus crashed markets | ‘Tax Day’ delayed until July 15 Overnight Health Care: Trump triggers emergency powers in coronavirus fight | McConnell sets first stimulus vote for Sunday | Five sticking points for stimulus talks | Treasury delays tax filing deadline | Dems push insurers to cover virus tests MORE (D-Calif.) and James Inhofe
James (Jim) Mountain InhofeLoeffler under fire for stock trades amid coronavirus outbreak On The Money: McConnell sets first vote on coronavirus stimulus for Sunday | Five sticking points to a deal | Four senators sold stocks before coronavirus crashed markets | ‘Tax Day’ delayed until July 15 Overnight Health Care: Trump triggers emergency powers in coronavirus fight | McConnell sets first stimulus vote for Sunday | Five sticking points for stimulus talks | Treasury delays tax filing deadline | Dems push insurers to cover virus tests MORE (R-Okla.) all sold off stock following a January briefing on the threat of the virus but before the market began its downward plunge. Feinstein and Inhofe have both said they were not present for the briefing, while Burr said that his decision was based on public news reports and asked for a Senate Ethics Committee investigation.
Loeffler, meanwhile, has faced scrutiny after she and her husband, the chairman of the New York Stock Exchange, sold between $1.275 million and $3.1 million in stock between Jan. 24 and Feb. 14.
Loeffler has claimed she made the decision on the advice of financial advisers but Rep. Doug Collins
Douglas (Doug) Allen CollinsLoeffler under fire for stock trades amid coronavirus outbreak The Hill’s Campaign Report: Officials in spotlight over coronavirus response Four senators sold stocks before coronavirus threat crashed market MORE (R-Ga.), a close Trump ally challenging her for her Senate seat, accused her of “profiting off [the] pain” of those who have lost their jobs or retirement to the pandemic.