WASHINGTON D.C., DC — Senator Debbie Stabenow announced Friday that she cosponsored two bills that aim to ban members of Congress from buying and selling stocks and other similar investments while in office.
“There is an inherent conflict of interest for Members of Congress who have access to information impacting the stock market that is not available to the general public. Legislators have access to information and create laws that can impact entire industries," Sen. Stabenow said in a release on Friday. "These actions can have a significant influence on stock prices. This legislation will prevent potential conflicts of interest and strengthen public trust in our government.”
The two bills cosponsored by Sen. Stabenow are Senate bill S. 3494 Ban Congressional Stock Trading Act and House bill H.R. 1579, Ban Conflicted Trading Act.
The bills are another step that some Congress members want to take to further the progress made by the passage of the STOCK Act of 2012.
Sen. Stabenow noted in a release that Members of Congress have advanced knowledge on actions and policies not available to the public, which can give them an edge when trading stocks and securities.
Members of Congress are already required to file disclosures when trading stocks and securities within 45 days of the transaction date. The required disclosure is due to the STOCK Act of 2012, which was designed to combat insider trading by members of Congress.
Sen. Stabenow or any of her immediate family members have not traded stocks or securities since the Securities and Exchange Commission began disclosing trades in 2013.
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