Representatives demand vote on lawmaker stock trade ban within 30 days

Members of Congress say enough is enough

They don't want lawmakers trading stocks, and they're determined to end the practice within the next year and a half

A bipartisan group, which includes fiscal conservatives like Chip Roy and Democratic socialists like Alexandria Ocasio-Cortez

introduce a bill to ban members and their families from stock trading. When members of Congress come here

they should not be able to profit off of inside information that the average American and the average market participant does not have access to

The bill prohibits lawmakers, their spouses, dependent children, and their trustees from owning, buying, or selling individual assets like stocks and securities

The bill requires members to divest those assets within 180 days of its passage

or within 90 days for incoming members who were just elected. If anyone says, you know, this isn't fair, I'm going to have to divest all my stocks

if I'm going to run for Congress, maybe you should stay home. In an effort to ensure compliance

members will be allowed to defer any capital gains taxes when they divest individual stocks by reinvesting them in a mutual fund

If members don't comply, they'll have to pay a fine equal to 10% of the covered asset

plus hand over profits from any transaction. The bill does allow members to put money in mutual funds and ETFs

that are diversified and not specific to an industry or business. We won't make you have a big tax bill, but you are going to have to divest of all of his individual equities and put them into broadly held funds so you're not being able to day trade

The lawmakers want leadership to bring this bill up for a vote this month. If not, they say they'll bring forward a discharge petition, which would force a vote

I'm Ray Bogan for Straight Hour News. For more unbiased reporting straight from our nation's capital, download the SAN app