All posts tagged "Congressional Stock Ban"

Rep. Ruben Gallego (D-AZ), who is in the midst of a competitive U.S. Senate race against Republican election denier Kari Lake, appears to have violated federal financial disclosure law by reporting two transactions nearly two and five years late.

Gallego on Tuesday disclosed an August 2019 purchase of non-publicly traded stock in investment advisory, Aspiration Fund Adviser LLC, valued between $15,001 and $50,000.

Gallego also purchased corporate securities in pronunciation guide services company NameCoach Inc. in June 2022. This investment is also valued between $15,001 and $50,000....

But what about Donald Trump’s Truth Social stock?

The former president’s massive financial assets were a primary concern of Sen. Mitt Romney (R-UT) during a Senate Committee on Homeland Security and Governmental Affairs debate Wednesday over whether Congress should ban federal lawmakers — and presidents — from owning and trading stocks and other investments.

“We don't want people in Congress trading stocks, playing the stock market. That's, if you will, the sheep's clothing over this wolf piece of legislation,” Romney said at the meeting. “What you're not talking about is that this has been drafted in a way that is really quite thoughtless, which is it requires divestiture for people who want to become a congressperson or president or vice president.”...

For 12 years, Sen. Jeff Merkley (D-OR) has pushed for a ban on congressional stock trading, calling the practice “corrupt,” “unacceptable” and “wrong.”

The first time he and Sen. Sherrod Brown (D-OH) presented an amendment in 2012 that would prohibit members of Congress from playing the stock market, they only got 26 votes in support.

Now, Merkley is confident an amended version of the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act has enough bipartisan support that it will come out of a markup meeting with the Senate Committee on Homeland Security and Governmental Affairs on Wednesday with the votes necessary to present the amendment for a vote....