Biden Backs Congressional Stock Trading Ban

could trade stocks in good conscience while representing their states or districts. He emphasized that it’s crucial for members of Congress to maintain the trust of their constituents and not profit unfairly from their positions.

Biden’s remarks on Tuesday mark the first time he has publicly taken a side on the issue. While some lawmakers and ethics watchdogs have been pushing for a ban on congressional stock trading, previous attempts to pass legislation on this matter have not been successful.

Earlier this year, a bipartisan group of senators introduced a proposal known as the ETHICS Act, which would prohibit lawmakers from buying stocks and other covered investments. It would also prevent them from selling stocks within 90 days of the bill’s enactment. Additionally, the bill would extend these restrictions to lawmakers’ spouses and dependent children, as well as require the president and vice president to divest from certain investments.

Although former President Barack Obama signed a bill in 2012 aimed at preventing insider trading by members of Congress, Biden believes more action is needed. He emphasized the importance of ensuring that nobody in Congress can make money from the stock market while serving in office.

While Biden’s support for a congressional stock trading ban is significant, it remains to be seen what impact his statement will have, especially considering his limited time left in office. Nonetheless, the conversation around this issue is ongoing, and efforts to address it are likely to continue in the future.