WASHINGTON — A bill introduced by U.S. Sen. Jon Ossoff would prohibit members of Congress from owning stock in individual companies.
The bill, which has bipartisan support, is a continuation of a position Ossoff has taken since his 2020 campaign for the Senate. Both of Georgia’s senators at the time, David Perdue and Kelly Loeffler, had faced scrutiny for trades made on their behalf during the coronavirus pandemic.
Loeffler and Perdue were cleared of any wrongdoing, but their robust portfolios became a point of contention on the campaign trail and contributed to their defeat. Shortly after Ossoff and Raphael Warnock were sworn into office in early 2021, Ossoff made good on his campaign promise to put his own investments into a qualified blind trust.
During Wednesday’s announcement, Ossoff cited polling showing voters’ support for a stock trading ban.
“Democrats, independents and Republicans overwhelmingly agree that members of Congress should not be playing the stock market while we legislate and while we have access to confidential and privileged information,” said Ossoff, an Atlanta Democrat. “This is long overdue. This is necessary.”
Taking the lead with Ossoff on the legislation are Sens. Gary Peters, D-Mich.; Josh Hawley, R-Mo.; and Jeff Merkley, D-Oregon. The bill will get its first test when it is brought to a vote July 24 in the Homeland Security and Governmental Affairs Committee that Peters leads.
It would require 60 votes on the Senate floor in order for the bill to pass, meaning even if all Democrats and independents are in favor, at least nine Republicans would also need to support the legislation. It is possible that some Democrats will oppose the measure, requiring even more GOP support.
Hawley acknowledged that the proposal appears to be more popular among Democrats for now, but he said he hopes members from both sides of the aisle get on board.
“They don’t want to vote against it; what they don’t want to do is have to vote at all,” he said during Wednesday’s news conference. “Which is why, to be honest with you, what Sen. Peters is doing by actually bringing a bill to be voted is such a big deal.”
The bill would require members of Congress to immediately divest of any stocks they own in individual companies. Their spouses and dependent children would have to do so by 2027. The president and vice president would also be prohibited from trading stocks under the proposal.
Lawmakers and their families would be allowed to invest in mutual funds or exchange traded funds. They also could continue to put their investments in qualified blind trusts, but those also would have to adhere to the stock trading ban.
Ossoff has tried in the past to get similar legislation passed, but the proposals failed to gain any traction and stalled in committee. Peters said the bill introduced Wednesday is still a work in progress as he and the other co-sponsors work to give it the best chance for success on the Senate floor.
“We’re not quite there. I think there’s still more work to do,” he said. “But I think as people look at the details of this legislation they will realize that it’s a commonsense piece of legislation that helps maintain trust in this institution while also addressing some of the concerns that individual members may have.”
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