First on FOX: R-Mo. Rep. Mark Alford, of the lawmaker, introduced a law banning Congress’ stock trading on Wednesday, serving as a fellow House bill for senators. Josh Hawley, R-Mo. “Pelosi Act” in the Senate.
Alford’s proposed bill prohibits lawmakers and their spouses from holding, purchasing or selling individual shares while in office, but allows investments in a variety of mutual funds, exchange trade funds, or the US Treasury Department. If passed, current lawmakers will take 180 days to comply with the law. Similarly, newly elected lawmakers must achieve compliance within 180 days of inauguration.
“As civil servants, we should surrender to a higher standard and avoid the mere appearance of corruption,” Alford said in a statement. “Unfortunately, there are so many members of Congress that they are engaged in suspicious stock trading based on private information, which enriches themselves.”
“These total violations of public trust will become clear. We must take action to ultimately ban members and their spouses,” he added.
R-Mo. Rep. Mark Alford is taking part in a push to ban stock trading in Congress. (Getty Images)
Under the proposed law, lawmakers who continue to make erroneous transactions will be required to hand over the profits they made to the U.S. Treasury Department. Home or Senate Ethics Committee Such lawmakers can also be fined equivalent to 10% of each illegal transaction.
President Donald Trump himself supported the ban on deals Members of the council In an interview with Time Magazine last month.
President Donald Trump said he would sign a Congressional ban on stock trading if he reaches the desk. (AP Photo/Alex Brandon)
“I saw Nancy Pelosi get rich through insider information, and I’ll be fine with that. If they send it to me, I’ll do it,” he said of the trade ban.
“Would you like to sign?” The reporter pressed.
“Absolutely,” replied Trump.
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House Democrats have also expressed support for the ban, with House minority leader Hakeem Jeffries throwing weight behind the proposal last week.
Read the full Alford law below (App users can click here)
