Reed Rejects GOP’s Bogus Stock Trading Bill, Calls for Real Transparency, Reform & Clear Ban on Stock Trading by Members of Congress

WASHINGTON, DC – Instead of voting on a bipartisan bill -- the HONEST Act ( S.1498 ) -- which would actually ban stock trading and ownership by members of Congress, the president, and the vice president, Senate Republicans are cynically teeing up a farcical vote on a so-called stock trading ‘ban’ that doesn’t actually ban stock trading by members of Congress. The Republican bill would hypocritically allow lawmakers to keep their stocks, sell them, and continue trading in privately held companies. Even still, to ensure the bill’s failure, Republicans are also attaching sweeping poison pill voter ID restriction language to the bill that the U.S. Senate has already rejected six times. U.S. Senator Jack Reed does not own or trade individual stocks and strongly supports a ban on stock ownership and trading by members of Congress. Reed says it is simple: “Public officials should not trade individual stocks and should not personally benefit from their access to sensitive information. Congress should work for the people’s interests, not their own financial interests. Instead of restoring trust in the government, this Republican sham would further erode it.” But while the vast majority of Americans support banning members of Congress from owning and trading individual stocks, Republican majorities in the House and the Senate are instead trying to fool taxpayers by pushing a sham bill that would open loopholes instead of limiting Congressional stock trading. The Republican proposal would also interfere in state elections with a poison pill ‘SAVE Act’ provision that would disenfranchise eligible voters and erect new barriers to accessing the voting booth. Noting that Republicans are refusing to lift a finger to address ethical concerns and allegations of potential market manipulation or insider trading by President Trump and his family or other members of the Trump Administration, Senator Reed says it is clear that Republican members of Congress do not want to impose a ban on stock trading by members of Congress or the president. “Republicans control the House, Senate, and White House. If they actually wanted to ban stock trading by members of Congress it’d be done by now. Indeed, a Republican led committee reported a real stock trading ban to the Senate floor with unanimous Democratic support over a year ago. Instead of calling up that bill, Republican leaders are trying to cynically push a bogus bill. “Democrats want a real ban on stock trading by members of Congress and the president. Republican leaders are making clear they do not want to actually ban stock trading and ownership by members of Congress “It’s simple: lawmakers should not be able to trade stocks in the industries they oversee or profit from insider information they overhear in non-public briefings and meetings. But rather than passing a bipartisan bill to accomplish that goal, Senate Republicans are once again playing games and attaching poison pills to legislation. Republicans think they can fool voters and run perverse ads claiming they are trying to pass a ban, when the truth is the opposite. “Republicans are fine with President Trump trading stocks at a record clip and using public office for private gain. “Republicans should allow a vote on a clean, simple, straightforward stock trading ban on members of Congress and the President. The fact that Republicans refuse to do so speaks volumes,” said Reed. Senator Reed is the author of the Insider Trading Prohibition Act (S.5320) , which would clearly define insider trading and crack down on securities fraud.