Senate Democrats led by Jon Ossoff of Georgia and Mark Kelly of Arizona reintroduced legislation on Thursday that would ban stock trading by members of Congress.
The Ban Congressional Stock Trading Act would require members of Congress and their families to place stock portfolios in blind trusts or divest holdings.
"As Americans work hard to keep up with rising costs, the last thing they should have to worry about is whether their elected representatives are using inside information to make a quick buck. This isn't rocket science: the only way to stop insider trading in Congress is to stop members of Congress from trading stocks. Period," Kelly said in a news release.
The senators were joined by co-sponsors Sens. Brian Schatz, D-Hawaii, Tammy Duckworth, D-Ill., Tammy Baldwin, D-Wis., Jeanne Shaheen, D-N.H., Raphael Warnock, D-Ga., and Michael Bennet, D-Colo.
"Stock trading by members of Congress massively erodes public confidence in Congress and creates a serious appearance of impropriety, which is why we should ban stock trading by members of Congress altogether," Ossoff added.
Sen. Josh Hawley, R-Mo., introduced similar legislation late last month. The Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act would ban lawmakers and their spouses from holding, purchasing, or selling individual stocks for the duration of the lawmaker's time in office.
The bill's acronym is in reference to Rep. Nancy Pelosi, D-Calif., the former House speaker whose husband has drawn scrutiny for millions in suspected insider trading.
Kelly and Ossoff pointed to a 2023 survey that showed 86% of registered voters favor banning stock trading by lawmakers.
Both Kelly and Ossoff have placed their portfolios in blind trusts, the release said, adding that only a "handful" of senators have done so.
President Donald Trump said last month he would "absolutely" sign the stock trading ban into law.
Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.