(The Center Square) — A U.S. Senate committee’s passage of a measure to ban stock trading by members of Congress is “essential ethics reform” and the first time such a piece of legislation has advanced, a federal lawmaker from Georgia said.
The U.S. Senate Homeland Security and Governmental Affairs Committee passed a measure “built off of” one that U.S. Sen. Jeff Merkley, D-Oregon, proposed: the Ending Trading and Holdings In Congressional Stocks — or ETHICS — Act. It bars members of Congress and their spouses and dependents from buying, holding or selling stocks.
“Overwhelmingly, Georgians of all political persuasions and Americans of all political persuasions agree that members of Congress should not be playing the stock market while we’re in office,” U.S. Sen. Jon Ossoff, D-Georgia, said during a news conference this week. “Members of Congress should not be trading stock while we make policy decisions that impact businesses and industries, and while we have extraordinary access to privileged and confidential information. Members of Congress should be serving the public’s interest, not our private financial interests.”
Ossoff said it is the first time a Senate committee has passed an ethics proposal to ban members of Congress from stock trading and moved it to the floor of the U.S. Senate. Under the measure, starting in 2027, members of Congress, the president and the vice president would be required to divest from covered investments.
Ossoff wants lawmakers to consider the measure before November’s election but said he is “clear-eyed that this is a difficult project” but is optimistic about its chances now that a committee has advanced it.
“Obviously, there is limited floor time between now and the end of the year, so the options include trying to include this in another major legislative package that may move through the Senate, offering this as an amendment to another major bill that may move through the Senate or putting it on the floor as a standalone measure,” Ossoff said. “Ultimately, I want to get this done. We’ve made major progress getting this through committee. It’s going to take continued effort to try to advance this to passage on the floor, and I’ll explore every option and opportunity to do so.”
