Sen. Josh Hawley (R-Mo.) plans to introduce his own bill to prevent members of Congress from trading stocks, while Sen. John Osoff (D-Ga.) and fellow Democrat Mark Kelly (D-Ariz.) will work together. , Nerdshala learned.
Why this matters: That means there will now be two similar bills to ban stock trades championed individually by two different lawmakers—more complicating the effort to pass a stock trading ban this session.
Between the lines: It comes after negotiations between Osoff and Hawley’s offices failed, and Osoff sought a Republican co-sponsor before parting ways with Kelly.
Both bills would bar sitting lawmakers and their spouses from trading stock, but there are some differences between the two proposals:
- Osoff’s bill would apply the ban to any dependent children other than the spouses of MPs, while Hawley’s bill would not.
- Hawley’s bill would have the Government Accountability Office overseen, while Osoff would leave it to congressional ethics committees.
- Any violation of Hawley’s measure would require lawmakers or their spouses to set aside any investment in the US Treasury. Additional penalties may also be imposed by congressional ethics committees.
- A familiar Democratic aide confirmed to Nerdshala that Osoff’s bill also includes penalties for violations.
“Year after year, politicians somehow manage to outperform the market, buying and selling millions in shares of companies,” Hawley said in a statement to Nerdshala. ,
Bottom-line: Already faced long odds, despite a stock trading ban wide public support, in part due to Speaker Pelosi’s opposition to the House. Today’s events make those odds even taller.
East: Momentum makes lawmakers to ban trading stocks