For 12 years, Sen. Jeff Merkley (D-OR) has pushed for a ban on congressional stock trading, calling the practice “corrupt,” “unacceptable” and “wrong.”
Now, Merkley is confident an amended version of the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act has enough bipartisan support that it will come out of a markup meeting with the Senate Committee on Homeland Security and Governmental Affairs on Wednesday with the votes necessary to present the amendment for a vote.
EDIT: It passed out of committee, so now it can go to the floor. https://www.businessinsider.com/senate-new-ban-stock-trading-merkley-ossoff-hawley-2024-7
One key difference between this bill and previous proposals is that it doesn’t allow for lawmakers to continue holding stocks via “blind trusts,” which some have criticized as insufficient.
There are still certain assets that lawmakers and their families could continue to hold, such as mutual funds, US Treasury bills, and municipal bonds.
Despite the progress represented by Wednesday’s committee vote, it’s unclear when or if the bill will come up for a vote.
Just a few weeks of session remain for the rest of this year, and Senate Majority Leader Chuck Schumer has historically been hesitant to bring up bills that don’t already have enough votes to pass. It’s unclear if that’s the case with this bill.
To clarify will they still be able to do index funds or 401k type stuff or is this a ban on all holdings?
Index funds seem fine for any gov position
You do kinda want them investing domestically or eise there is a conflict of interest
I updated the post with a new link. Business Insider says they could hold certain mutual funds, and they link to a PDF of the full text – but it is a seemingly random documentcloud.org link of the sort where one might not trust anonymous users, so I leave it to you (and anyone else) to decide if you trust Business Insider and follow the link there.
Proposed text lists ETFs as allowed. Which seems fair.
Agreed