Public Citizen Applauds Senate Homeland Security Committee Decision to Advance Congressional Stock Trading Ban
WASHINGTON, D.C. — Today, Sens. Josh Hawley (R-MO) championed a bipartisan majority of the Senate Committee on Homeland Security and Governmental Affairs to advance legislation banning stock trading by members of Congress and their spouses. Known as the HONEST Act, the bill is fashioned after the ETHICS Act that received committee approval in the last congressional session. The legislation now moves to the floor for final Senate approval.
Craig Holman, Ph.D., Government affairs lobbyist with Public Citizen issued the following statement:
“In a display of bipartisanship, the Senate Homeland Security committee voted in favor of legislation that would finally ban congressional stock trading activity. Members of Congress frequently have access to nonpublic information about economic and business trends and are in a position of power to influence those trends. That is why the American public – Republicans, Democrats and Independents alike – has called for this type of legislation ever since a series of insider trading scandals erupted over the last several years.
“It is now incumbent on the full Senate to ratify this important and popular legislation and lead the way for their colleagues in the House also to step up to the plate. Banning congressional stock trading activity would benefit Congress, by bringing an end to such career-breaking scandals, as well as the public, by enhancing confidence in the integrity of our representatives.”