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By the very nature of their jobs, members of Congress have no business trading stocks. They may have access to classified or otherwise privileged information. They may know of pending legislation that could affect an industry’s bottom line. They may have oversight duties for the very companies they own shares of. Even if their portfolios simply fluctuate along with the market, there’s no escaping the appearance of a conflict when lawmakers moonlight as traders.
Public polling on this issue could hardly be clearer: A majority of voters of all parties support banning congressional stock trading. Various bipartisan bills for doing so have recently been circulating. Following months of resistance, Pelosi finally said she was on board last February. Senate Majority Leader Chuck Schumer also endorsed the idea. In September, both chambers appeared ready to vote on the matter — only to abruptly punt right before the midterms.
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