Senate Committee Advances Bill To Curb Stock Trading By Top Officials
In a move aimed at bolstering public trust, a Senate committee has advanced a bipartisan proposal that seeks to restrict stock trading by top government officials, including members of Congress, the president, and the vice president.
The initiative, which received a narrow 8-7 vote of approval in the Senate Homeland Security and Governmental Affairs Committee, has been championed by Arizona’s junior senator, Democrat Ruben Gallego. Gallego emphasized the importance of this measure in restoring voters’ trust, which he noted has been diminishing over the years.
Sponsored by Republican Sen. Josh Hawley, the proposed bill would prevent certain high-profile officials and their immediate family members from engaging in stock market activities. As Gallego pointed out, this issue transcends party lines, with both Republicans and Democrats facing scrutiny over potential conflicts of interest.
Gallego stated, “There’s an opportunity for us to really rebuild that trust with voters that has been eroding for quite some time.” He further remarked on the bipartisan nature of the problem: “This is not just a Republican problem, it is also a Democratic problem. I think this is something we can all work together on that we will be very proud of.”
In addition to halting stock trading, the legislation mandates that affected officials divest from relevant investments by the time they begin their next term. Notably, this requirement would not apply to former President Donald Trump.
Gallego highlighted the necessity of implementing these measures to prevent potential abuses of power, noting, “If we don’t actually put some of these guardrails, there will be members of Congress that are going to benefit from this, without a doubt. And there will be further and further erosion in the trusts of both Democrats and Republicans.”
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