© Carolyn Kaster/AP/Bill Clark/CQ Roll Call/KJNSenator Josh Hawley • Senator Kirsten Gillibrand
The measure, led by Sens. Kirsten Gillibrand, D-N.Y., and Josh Hawley, R-Mo., is the latest of several seeking to ban or limit stock trading by members as public scrutiny of the practice increases. Gillibrand called the bill "the most substantive bipartisan effort to date," and vowed to work hard alongside Hawley to get it signed into law. She said in a statement:
"Sunlight is the best disinfectant. It is critical that the American people know that their elected leaders are putting the public first — not looking for ways to line their own pockets."
The bill would:
- Ban stock trading or ownership, even in a blind trust, and impose stiff penalties on executive branch officials who trade stock;
- Require reporting of officials' federal benefits — including loans, agreements, contracts, grants and payments;
- Create public, searchable databases of personal financial disclosure reports and filings as required by the STOCK Act, the 2012 federal law that forbids members from trading on nonpublic, material information they receive as part of their jobs; and
- Increase the penalty for failing to file STOCK Act reports from $200 to $500 and impose fines of at least 10 percent of the value of prohibited investments for members of Congress who violate the ban.
Comment: Hardly more than a plug-in appliance himself, Biden's new target is 'evil water heaters'. His plan offers one choice and so we ask: Cui bono?