Senators propose ban on congressional stock trading.
The ban would be on members of Congress, their spouses, and dependent children from trading individual stocks.The current law requires disclosure of stock trades but is seen as insufficient and poorly enforced.The STOCK Act of 2012 mandates disclosure of trades over $1,000 within 45 days.The new bill would stop lawmakers from buying new stocks immediately and require divestment by the beginning of the next session of Congress in 2027.
Previous reform proposals included blind trusts, but the new measure specifies mutual funds.The bill does not cover congressional staffers. Note that bipartisan efforts have previously failed.
According to some reports Nancy Pelosi’s investment returns are up over 700% over the last decade. That’s pretty good.
This article was written by Greg Michalowski at www.forexlive.com.
