Montana Delegation Supports Stock Trading Bans | 406 Politics
The senses. Americans Steve Daines and Elizabeth Warren have teamed up on a bill to ban members of Congress and spouses from owning and trading individual stocks.
The bill, read out on Wednesday, is one of the first bipartisan proposals of the year to end stock trading by lawmakers. The concerns are insider trading and votes cast in favor of personal stocks rather than voters. The ban applies to commodity futures, bonds, derivatives or other instruments that investors can manage directly.
Lawmakers would have several months to divest from current investments. The bill would also end the holding of those shares in a “blind trust,” or firewall account that prevents a lawmaker from managing the investments.
The bill allows lawmakers to own shares in widely held investment funds, like mutual funds, that don’t offer investors the ability to buy and sell individual stocks.
Warren, a Massachusetts Democrat, introduced the bill on behalf of Daines, Tennessee Republican Marsha Blackburn and Michigan Democrat Debbie Stabenow.
U.S. Representative Matt Rosendale, a Republican from Montana, signed a similar bipartisan bill in the House.
Several bills are in the works to reform stock trading by members of Congress, in part because there is bipartisan support to do so.
Earlier this week, Democratic U.S. Senator Jon Tester announced he was co-sponsoring the “Ban Conflicted Trading Act,” a bill sponsored by Senator Jeff Merkley, a Democrat from Oregon. The bill would allow lawmakers to place existing securities holdings in a blind trust, provided the Senate Select Committee on Ethics approves the arrangement.
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