“Existing ethics laws do not go far enough to prevent members of Congress from using the information they have access to for personal gain. No more excuses. No more delays. It’s time for action.”
Advocacy groups on Thursday renewed calls for Congress to ban members and their families from trading stock amid reporting that Democratic leaders in the U.S. House—despite intense public pressure—are unlikely to bring a vote on the issue before the November midterm election.
“As members of Congress craft laws that directly impact the lives of Americans, voters have a right to know whether their representatives are acting in the interest of the public, or in ways that serve their own personal interest,” said Trevor Potter, president of Campaign Legal Center (CLC) and former chair of the Federal Election Commission (FEC), in a statement.
“Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act into law 10 years ago,” he noted, “but the STOCK Act did not decrease the appearance of corruption that arises when members of Congress engage in suspicious stock trades.”
The New York Times earlier this month published an investigation revealing that 97 members of Congress “bought or sold stock, bonds, or other financial assets that intersected with their congressional work or reported similar transactions by their spouse or a dependent child,” a revelation that bolstered calls for reforms to ethics rules on the matter.