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Movement to Prohibit Members of Congress from Stock Trading Gains Momentum

via Pixabay

A campaign is pushing to ban members of Congress from stock trading due to research showing politicians made over $1 billion in trades in 2023.

Critics argue the practice allows them to use insider information and make decisions based on financial interests rather than constituents.

“Like every year since 2020, US politicians beat the market. And many in Congress made unusually timed trades resulting in huge gains. Here are the top performers of 2023,” Unusual Whales wrote.

Notable traders include Nancy Pelosi, who made approximately $100 million since 2019, and Republican Mark Green, who saw 122.2% returns.

“Mark Green, the Republican chair of the Homeland Security Committee, was found to have made gains of 122.2 percent,” the report noted.

Groups like Unusual Whales and RepresentUs are advocating for a ban to prevent such “gangster behavior” and insider trading.

“It’s outrageous that members of Congress are gaming the stock market while millions of Americans struggle to make ends meet. I’d call it gangster behavior, but that would imply it’s illegal and, sadly, it is not,” RepresentUs CEO Joshua Graham Lynn stated.

“The overwhelming majority of Americans want this to stop. So let’s make it stop,” Lynn added.

In 2013, Peter Schweizer, president of the Government Accountability Institute (GAI), uncovered evidence of insider trading by Pelosi and Spencer Bachus through 60 Minutes, leading to the STOCK Act.

However, the behavior continues over a decade later. Bipartisan legislation has been introduced again in 2023 to curb the practice.

Support is growing but more backers are needed to pass a ban into law.

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