According to a new survey from the University of Maryland’s Program for Public Consultation, 72 percent of people in Arizona, Georgia, Michigan, Nevada, Pennsylvania, and Wisconsin support a ban on federal officials trading stocks. The survey is the second in a series being conducted in the run-up to the 2024 election. Unlike traditional polls, respondents go through an online “policymaking simulation” where they are given briefings and arguments for and against specific policy proposals. Under the proposal in this survey, federal officials would be barred from trading individual stocks but would still be able to buy and sell shares in large portfolios and keep existing stocks if they’re placed into an independently managed fund. The stock ban would also apply to live-in family members. Congressional officials, by nature of their positions and access to nonpublic and classified information, have faced renewed scrutiny over their investments. Multiple reports show that large numbers of lawmakers have portfolios that severely outperform markets like the S&P 500. "Americans of all political stripes have great concerns about potential conflicts of interest and self-serving decisions on the part of policymakers,” said Director of the Program for Public Consultation at the University of Maryland's Program for Public Consultation, Steven Kull. In January 2023, it was reported that 78 members of Congress violated the STOCK Act, which aims to prevent insider trading and prevent conflicts-of-interest. Last year, four lawmakers had portfolios that got returns above 100 percent. Another 14 had an annual return of more than 50 percent.Overwhelming majorities of both Democrats and Republicans in six swing states support a prohibition on stock trading by Congress members, the Supreme Court justices, the President, and the Vice President.
🚨BREAKING🚨
I have just released the full report on politicians trading in 2023.
Like every year since 2020, US politicians beat the market.
And many in Congress made unusually timed trades resulting in huge gains.
Here are the top performers of 2023. pic.twitter.com/ykf9VICsBw
— unusual_whales (@unusual_whales) January 2, 2024
Lawmakers are so successful in their stock trading that ETF funds have been created that follow Democrat and Republican trades.
Prohibit members of Congress and live-in family members from trading stocks
Prohibit the President, Vice President and Supreme Court from trading stocks
The survey comes on the heels of new legislation floated on congress that would bar lawmakers from trading stocks. In July, the Senate Committee on Homeland Security and Governmental Affairs approved the bill with an 8-4 vote. The proposal will now head to the Senate floor for consideration by the full chamber. If passed, the law would prevent members of Congress, their spouses and dependents and the president and vice president, from buying or owning stocks and other assets. It would also force members to sell their assets. “No Member of Congress should abuse their privilege to profit off of the American people,” Missouri Sen. Josh Hawley, the lead Republican on the bill, told Daily Mail in a statement. “For too long, politicians of both parties have prioritized their stock portfolios over serving those who elected them,” he added. “We must put an end to it. This landmark achievement is a strong first step in that direction.”
