Two members of the United States Senate have joined forces to resolve the problem of conflicting interests among the House members. Their motion is to introduce a bill that will bar legislators from taking part in the stock trade.
According to Axios, Steve Daines, a member of the Republican party, and Elizabeth Warren, a member of the Democratic party, are the two senators behind the motion.
Since the topic has gained more momentum and modalities are already being implemented, former executives have shown interest in the matter. This bipartisan move is necessary in the progress of this case to ensure that there are no obstruction tactics.
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Both Senators have agreed on the motion that will stop the members of the United States Senate as well as their wives from either holding or taking part in stock trades.
This bill goes further than the previous bill, which ordered all Senate members to put their investments into a blind trust. Members can still invest in diversified vehicles like mutual funds despite the new bill.
Senators are currently holding talks on the matter. The Democrats in the Senate have not been able to secure the support of 10 other Republicans that will be needed before the bill can be enacted.
Mitt Romney, a member of the Senate, stated that he would talk to members of the Democrat party concerning the issue. Perhaps, this is to get their opinion and take on the matter.
According to Romney, Congress members are not expected to hold stocks or trade them in the market.
Senators Spent About $290 Million Buying and Selling Stocks in 2021
In 2021, several lawmakers spent millions trading stocks alone. Analyzing the financial report for both the House of Reps and members of the Senate from 1st of December, 2020 to 22nd of December, 2021, the result was astronomical.
Within that time frame, members bought and sold about $290 million. This is over 3,500 transactions made by 105 members.
As for the amount spent by members on cryptocurrency, 25 transactions were made by only six members. This amounted to $570,000, which is a 526% drop when you look at the amount spent on the stock trade.
One would be wondering why so much has been spent by the Congress members on stock alone. Perhaps, the reason for the delay in the bill is to hide their activities.
Many people are calling for more action on the bill to address the problem of interest. Only time will tell if this bill will be passed into law.