Public Citizen Urges Committee Passage of Congressional Stock-Trading Ban Ahead of Markup

July 24, 2024

Public Citizen Urges Committee Passage of Congressional Stock-Trading Ban Ahead of Markup

Washington, D.C. - Today, Public Citizen submitted a letterto the members of the Senate Homeland Security Committee, urging them to pass the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, bipartisan legislation that would remove members of Congress and their spouses from actively trading in individual stocks.

The modified ETHICS Act would:

• Ban members of Congress, the President, and Vice President from buying and selling covered assets almost immediately after enactment.
• Require elected officials, their spouses, and dependent children to divest covered assets beginning in 2027.
• Increase penalties for violations of STOCK Act disclosure requirements from $200 to $500.

Craig Holman, Ph.D., a government ethics expert at Public Citizen, issued the following statement in anticipation of today's markup:

"The appearance of insider trading by members of Congress has damaged the reputations of some members and tainted the image of the legislative body as a whole. By removing opportunities for this type of insider trading, the ETHICS Act would help lift the shadow of conflicts of interest posed by congressional stock trading activity.

"Today's markup is an historic step towards curbing opportunities for stock market abuse and restoring trust in our government. This legislative achievement was possible only through commendable bipartisan cooperation between key members of the Senate from both sides of the aisle.

"After today's committee vote, Congress should immediately move forward with the bill to make the ETHICS Act law."

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