A ban on members of Congress and their families trading or owning stocks got new momentum Wednesday, after a bipartisan group of House members announced they had come to an agreement on a new bill.

Washington

A bipartisan group of U.S. lawmakers has introduced a bill to ban members of Congress from buying, trading, or owning individual stocks. The proposed legislation unifies several previous efforts and has garnered support from both Democrats and Republicans, including prominent figures such as Alexandria Ocasio-Cortez and Chip Roy. The bill comes amid scrutiny of congressional stock trading, with recent data showing that over 130 lawmakers or their partners made more than 12,000 trades in the past year.

Supporters argue that the ban is necessary to maintain public trust and prevent conflicts of interest. Some opponents, however, contend that such a ban could discourage individuals with business experience from seeking office. The bill does not include the executive branch, focusing solely on Congress. While House Speaker Mike Johnson has generally endorsed the concept, he has not backed a specific bill. Supporters plan to use legislative maneuvers to force a vote if necessary.

Bipartisan bill seeks to ban lawmakers from trading stocks

Here's a controversy around the practice. A new bill is gaining momentum to ban congressional stock trading. Our Emily Wilkins has some details this morning. Morning, Emily. Good morning, Carl. Well, Carl, the group of lawmakers pushing this new bill, it is really unique. You have Democrats and Republicans from across the political spectrum, AOC, Chip Roy, all backing a measure to prevent lawmakers not just from buying and trading stocks, but also owning individual stocks. And before this, there were a number of different bills to ban congressional stock trades. This effort unifies all of those bills into one. And that's why its supporters hope that it can get done. And stock trading has really taken off on Capitol Hill. Capitol Trades, which tracks lawmakers buying and selling, shows in the last year alone, 130 lawmakers or their partners made more than 12,000 trades. Chip Roy said this was unacceptable. If you want a day trade, leave Congress. It's that simple. If you come up here with the trust of the American people, do your job, vote to deliver for the American people. Speaker Mike Johnson has generally endorsed the concept of a ban, but he has yet to back any individual bill. But supporters of this new measure say that if Johnson doesn't let it come to the floor for a vote, they will force one. There is a legislative maneuver that basically allows a majority of members to bypass leadership and get a vote on a measure known as a discharge petition. And Congresswoman Ana Paulina Luna has already said she plans to use one if leadership does not have a vote on the ban this month. Guys, so my main question, Emily, is who's against it? Why wouldn't this pass? What are the arguments from the opponents? And is anyone willing to step forward and oppose it publicly? So we did actually hear at a Senate hearing last month, several lawmakers say, look, you have a lot of folks. They've been in business. They've been in the private, private, private market, private centers. They want to run for Congress, but they don't want to go through the burden of having to sell all of their stocks to be able to run. And they say we want folks with this kind of expertise. We want C-suite folks. We want folks who have been in the private sector. And we don't want to force them to have to sell just to become members to serve. And I actually asked lawmakers at this hearing about it yesterday who were introducing the bill. And their simple response was that if folks really are concerned that much about their finances, they should be going to Wall Street, not coming to Congress. And the administration is backing it? At this point, we haven't heard from the White House. We know in the past Trump has generally seemed supportive of this idea. Remember, though, that earlier Senate bill, it would have included the White House, not Trump himself. And that did seem to raise some concerns. And Trump wound up publicly criticizing this bill. So this new effort in the House doesn't include the executive branch at all, solely focuses on Congress. And those who are backing the bill hope that that can actually lead it to pass. OK, Emily Wilkins, thank you very much.

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