Amid a steady drip of damaging headlines, pressure is building for Congress to pass legislation that would curtail lawmakers’ ability to speculate on the stock market.
Trading in Congress has long been criticized by government watchdogs, who say the access to nonpublic information creates a temptation for lawmakers to prioritize their own finances over the public good.
But public anger has mounted since the first tremors of the pandemic, when some lawmakers were caught buying and selling millions of dollars worth of stock after being warned about the coming disruption from the virus. The pandemic’s arrival tanked markets and caught many Americans by surprise.
Now, with November elections fast approaching and members of both parties embracing reform, congressional leaders are getting on the bandwagon, expressing their willingness to toughen the rules. After a spate of controversies over suspiciously timed trades and undisclosed transactions, few lawmakers are defending the status quo, raising hopes that a significant ethics package is within reach.
