It’s a scandal that has rocked Capitol Hill: politicians trading in stocks for which they write policies on, otherwise known as insider trading.
Republican Rep. Matt Gaetz of Florida recently joined forces with Democratic Rep. Alexandria Ocasio-Cortez of New York to introduce the Bipartisan Restoring Faith in Government Act, which would prohibit members of Congress and their immediate family members from engaging in stock trades.
In recent weeks, several politicians have been accused of using their positions to their advantage in the stock market. Democratic Rep. Lois Frankel of Florida was accused of dumping her shares in First Republic Bank days before it imploded, then buying shares of J.P. Morgan right before it scooped up First Republic.
Democratic Rep. Nancy Pelosi of California faced scrutiny after her husband Paul bought 20,000 shares of a company making computer chips shortly before the Senate passed the CHIPS Act. Republican Sen. Tommy Tuberville of Alabama also came under fire after buying over a quarter million dollars’ worth of stock in Intel prior to passage of the CHIPS Act, even though he voted against the bill.
It’s no wonder that Gaetz and Ocasio-Cortez have decided to take a stand against this type of insider trading. “AOC is wrong a lot. She would probably say the same thing about me,” Gaetz said. “But she is not corrupt and I will work with anyone and everyone to ensure that Congress is not so compromised.
We should disallow congressional stock trading for the same reason we don’t allow the referee to bet on the game.”
Politicians should not be able to use their positions of power to get ahead in the stock market. This type of insider trading is unethical, and Gaetz and Ocasio-Cortez are right to take a stand against it.
Wow… There’s a sentence I never imagined writing.
It’s time for Congress to restore faith in government by making sure that all members of Congress and their immediate family members are prohibited from trading stocks.