{"id":24913,"date":"2024-07-12T15:00:53","date_gmt":"2024-07-12T12:00:53","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24913"},"modified":"2024-07-12T09:41:22","modified_gmt":"2024-07-12T06:41:22","slug":"senators-push-for-stock-trading-ban-for-congress-members","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/senators-push-for-stock-trading-ban-for-congress-members\/","title":{"rendered":"Senators Push for Stock Trading Ban for Congress Members"},"content":{"rendered":"<p>Renewing attempts to enact legislation prohibiting Congressmen from trading stocks is a bipartisan group of U.S. senators. Sending a letter suggesting an amendment to the<strong> Stop Trading on Congressional Knowledge (STOCK) Act<\/strong> of 2012, on July 9, 20 senators addressed House Speaker Mike Johnson and Democratic Leader Hakeem Jeffries.<\/p>\n<p>Emphasizing the importance of such a restriction,<strong> Senator Josh Hawley<\/strong> said at a news conference, &#8221; <em>Congress should not be here to make a money. Congress members should not be making money off of the knowledge that only they possess and the rest of the American people lack<\/em>.&#8221;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/senators-push-for-stock-trading-ban-for-congress-members\/#Proposed_Amendment_Details\" title=\"Proposed Amendment Details\">Proposed Amendment Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/senators-push-for-stock-trading-ban-for-congress-members\/#Restoring_Public_Trust\" title=\"Restoring Public Trust\">Restoring Public Trust<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/senators-push-for-stock-trading-ban-for-congress-members\/#Public_Attention_on_Trading_Activities\" title=\"Public Attention on Trading Activities\">Public Attention on Trading Activities<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Proposed_Amendment_Details\"><\/span>Proposed Amendment Details<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The proposed amendment seeks to prohibit sitting congressmen from trading stocks ninety days after the measure is signed into law. Starting in March 2027, the restriction would also include the incumbent president, vice president, wives and dependant children of all current Congress members.<\/p>\n<p>The senators underlined that Congressmen had, on average, outpaced the <strong>S&amp;P 500<\/strong> by 17.5% and that 97 members had traded equities where the committees they controlled had a direct influence.<\/p>\n<p>One important change of the amendment is the higher fines for infractions. A significant rise from the present penalty of $250 per infraction, the new legislation would levy a punishment of 10% of the value of the item transferred.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Restoring_Public_Trust\"><\/span>Restoring Public Trust<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The senators maintained that stricter laws are required to reduce unethical conduct and rebuild public confidence in democratic institutions. In a July 9 news release, Senator Golden said, &#8220;<em>members of Congress should be working in service of their constituents, not using their positions to line their own pockets.<\/em>&#8221;<\/p>\n<p>Following a January 2022 proposal for significant changes to the STOCK Act, which gathered pace among public revelations of very successful trades by key legislators during the early days of the COVID-19 epidemic, the revived campaign follows.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Public_Attention_on_Trading_Activities\"><\/span>Public Attention on Trading Activities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Congresswoman <strong>Nancy Pelosi<\/strong>, whose trading activities allegedly let her net fortune balloon to nearly $250 million despite her yearly congressional salary of $193,000, is the most famous instance. Successful trading by Pelosi has even motivated specialized copy-trading and stock-picking firms trying to replicate her profitable moves.<\/p>\n<p>The senators are advocating strong action and pushing their colleagues to support the amendment as a required first step toward moral government and responsibility.<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renewing attempts to enact legislation prohibiting Congressmen from trading stocks is a bipartisan group of U.S. senators. Sending a letter suggesting an amendment to the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, on July 9, 20 senators addressed House Speaker Mike Johnson and Democratic Leader Hakeem Jeffries. Emphasizing the importance of such a<\/p>\n","protected":false},"author":6,"featured_media":24917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,657,1,2],"tags":[1566,7349],"class_list":["post-24913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-news","category-en","category-genel","category-news","tag-stock-trading","tag-us-congress"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senators Push for Stock Trading Ban for Congress Members - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/senators-push-for-stock-trading-ban-for-congress-members\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senators Push for Stock Trading Ban for Congress Members - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Renewing attempts to enact legislation prohibiting Congressmen from trading stocks is a bipartisan group of U.S. senators. 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