Speculation of Insider Trading: GOP Pushes for Ban on Stock Trading in Congress After Zoll Fiasco
Republican figure advocates for a prohibition of stock market trading following customs disarray
Let's talk about the controversy stirring up Washington—the questionable stock trading activities of some members of Congress and the growing calls for a ban on trading stocks while in office.
You might have heard about Marjorie Taylor Greene, a Republican ally of former President Trump. Recent events suggest she made some pretty penny investments just before Trump's tariffs were suspended. Coincidence? Some people are raising their eyebrows and calling it insider trading. Greene's stock purchases, totaling between $21,000 and $315,000, were made in tech giants like Apple and Amazon, as well as pharmaceutical giant Merck.
Now, the rules allow members of Congress to trade stocks, but they must disclose their trades within 30 days. However, the exact volume of each trade isn't revealed. So, while we can't be completely sure of the details, the timing of some transactions has raised some red flags.
With this in mind, politicians from both sides are renewing their calls to ban stock trading by Congress members. Democratic leader Hakeem Jeffries expressed his opinion succinctly: "We need to change the law so that serving members of Congress cannot trade stocks."
Interestingly, even the top Republican and House Speaker Mike Johnson has joined the chorus, stating, "To be honest, I think we shouldn't give the appearance of impropriety here." Johnson, who plays a crucial role in the legislative process, had previously been hesitant about this topic.
Even President Trump himself has shown support for stricter rules around stock deals, saying, "I would be in favor of it." So, if a bill is passed, Trump might just sign it into law.
There are existing legislative proposals aimed at tightening the rules around stock trading by members of Congress. One such proposal, the "Trust in Congress" Act, would prohibit all members and their immediate family members from trading individual stocks while in office, instead forcing them to place their portfolios in the hands of independent trustees[1][2].
The question is, will these calls for reform result in a ban on stock trading in Congress? Only time will tell. But one thing's for sure—Washington is watching the stock market moves of its members with a keener eye these days.
- Insider Trading
- Trading Restrictions
- Politics
- Marjorie Taylor Greene
Sources:[1] Hawley, Josh. (2021, February 25). The PELOSI Act. Retrieved June 29, 2021, from https://www.hawley.senate.gov/news/peolsi-act[2] Schor, E. (2021, March 17). Analysts: Rep. Pelosi's stock trades not evidence of impropriety. Retrieved June 29, 2021, from https://thehill.com/homenews/house/544219-analysts-rep-pelosis-stock-trades-not-evidence-of-impropriety
- Given the ongoing controversy surrounding Marjorie Taylor Greene's stock investments, there has been a renewed push for stricter trading restrictions in Congress, with some calling it an instance of insider trading.
- In the face of this allegation, both Democratic leader Hakeem Jeffries and House Speaker Mike Johnson have shown support for a ban on stock trading by members of Congress, citing a need to change the law and eliminate the appearance of impropriety.
- The "Trust in Congress" Act, one of the legislative proposals aimed at tightening trading rules, would prohibit all members and their immediate family members from trading individual stocks while in office, instead requiring them to put their portfolios under independent trustees.
