John,
Allowing Members of Congress to trade individual stocks is an open invitation to corruption.
Insider trading is a serious crime, yet Members of Congress are allowed to trade stocks in the industries they regulate, and get away with it.
It’s time to put a STOP to Members of Congress getting rich off trading stocks.
Members of Congress have access to sensitive information that can be used to turn a profit on the stock market, and they also have the power to impact stock prices through legislation or even move markets through public statements.
Although representatives are technically required to report transactions, they often fail to comply – and if they’re caught, there are few penalties. In fact, in 2021 54 Members of Congress and at least 182 top staff members violated the STOCK Act, which requires that Members disclose financial trades within 90 days.
And despite the fact that Republican Senators Kelly Loeffler and Richard Burr traded stocks in key industries after sensitive briefings about the coronavirus before the threat was public, they have still suffered no consequences.
Fortunately, key Democrats in Congress have introduced legislation like the Ban Conflicted Trading Act, that would finally bar Members of Congress and senior congressional staff from buying or selling individual stocks – according to a November poll, 67% of voters agree that lawmakers should be banned from owning stock in specific companies.
Thank you for fighting with us,
-HAZMAT America
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