The sensitive information federal legislators have access to creates a conflict of interest.
Senators Kirsten Gillibrand of New York and Josh Hawley of Missouri have co-authored a bill proposing to ban members of Congress from trading stocks while in office.
“It may not technically be inside trading legally, but it’s still an incredible advantage to get the kind of information and then make millions of dollars on that,” said Senator Hawley. “This is long overdue,” he added.
Senator Gillibrand helped pass the Stop Trading on Congressional Knowledge (STOCK) Act in 2012, which attempted some accountability by requiring members of Congress to publicly disclose all their stock holdings. However, many legislators do not follow this law.
“An astounding one in seven violated the STOCK Act last Congress… so it’s clear we must go further,” Senator Gillibrand said. “Members of Congress and senior members of the executive branch officials should be serving the American people, not lining their pockets.”
As the Lord Leads, Pray with Us…
- For Senators Gillibrand and Hawley as they seek to prevent conflicts of interest and the knowledge of sensitive financial information from enriching federal officials.
- For Majority Leader Schumer to be wise as the bill awaits coming to the floor for a vote.
- For members of Congress as they seek to increase financial integrity.
Sources: WFLA, Roll Call
