Sens. Hawley, Gillibrand to push ban on lawmakers, executive branch officials owning stock

This week, a bipartisan group of senators will introduce legislation that would prohibit U.S. legislators and members of executive branch from holding stock during their tenure in office.

Sens. Josh Hawley (R-Mo.) and Kirsten Gilibrand (D-N.Y.) are expected to introduce this legislation in the Senate. The Wall reported that the legislation would prevent those affected from holding stocks in companies directly, or through blind trusts. The Wall Street Journal reported on Wednesday.

The law will apply to U.S. Senators, Representatives, Capitol Hill Aides, the President, Vice-President, and all employees in the executive branch.

Hawley, in a Fox News Digital statement, said that “politicians and civil service workers shouldn’t be spending their time day-trading or trying to make money at the expense the American people.” “My bill, with Senator Gillibrand, is common sense. Ban elected and executive branch employees from trading or owning stocks and put the American people first.”

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Gillibrand said in a statement to WSJ that it was important that Americans know their elected officials are putting their constituents first, and not looking for ways of lining their pockets.

Hawley is making his latest effort to end insider trading, which he claims has enabled too many legislators to become rich when they should have been serving their constituents.

When he introduced a similar bill, he stated that “Members and spouses of Congress shouldn’t use their position to get wealthy on the stock markets.”

The bills were introduced after it was revealed last year that Paul Pelosi – husband of former speaker Nancy Pelosi – had traded between $1 and $5 million in stocks for semiconductors, just days before Congress allotted $52 million to this industry. Stocks were sold later at a loss in order to avoid the appearance of improper conduct.

Others have also made similar trades. Sen. Richard Burr (R-N.C.) sold investments following classified briefings about the coronavirus epidemic.

According to WSJ, the newly proposed law would permit lawmakers to own mutual fund and broad industry and Index funds.