Bipartisan Senate group pushes ban on lawmaker stock trading

A bipartisan group of Senators unveiled a new proposal that would ban members of Congress, their spouses and dependent children from trading individual stocks.

Oregon Democratic Senator Jeff Merkley, Michigan Senator Gary Peters, Georgia Democratic Senator Jon Ossoff and Missouri Republican Senator Josh Hawley are outlining a new version of a measure dubbed the "ETHICS Act," Ending Trading and Holdings in Congressional Stocks. Peters, who chairs the Senate Homeland Security and Governmental Affairs committee, pledged his panel would take up the bill in his committee later this month.

Merkley previewed the new proposal in an exclusive interview with NPR, saying, "if you want to serve in Congress don't come here to serve your portfolio, come here to serve the people."

He argued the the issue cuts across party lines, "The public is absolutely united in saying stock trading is wrong," Merkley said, pointing to a University of Maryland poll indicating 85% of the public backed banning trading by members of Congress.

There current law requires lawmakers to disclose when they trade individual stocks, but critics say it's unevenly enforced and insufficient. The STOCK (Stop Trading on Congressional Knowledge) Act, enacted in 2012, directs members of congress and their spouses to disclose any trades for transactions over $1,000 within 45 days.

Insider trading laws apply to lawmakers, but the push more to require more transparency about their investments came after the 2009 financial crisis. Several lawmakers made large profits after trading financial services stocks before major banks began to fold. Those trades raised questions about whether they were profiting from information they learn on congressional committees.

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