On Sunday, Florida Representative Matt Gaetz (R) urged Congress to vote on the bill banning congressional stock trading.
According to Gaetz, “We need to have a vote on legislation banning congressional stock trading.”
“If it loses, people can at least see where their representatives stand.”
In December last year, Congressman Ro Khanna (D-California) introduced a comprehensive bill, which he dubbed an anti-corruption plan. Along with the legislation is a ban on congressional stock trading among members of Congress and their spouses, similar to Gaetz’s proposed bill.
Reports from Unusual Whales, a market analysis watchdog, noted that Democratic representatives have been spending quite an amount of time in the stock market last year, this includes Nancy Pelosi and Brian Higgins.
Technically, lawmakers are not allowed to buy and sell stock based on non-public information. The STOCK Act bars lawmakers from trading based on details they have obtained through their work. However, as long as the trade is reported in 45 days, these lawmakers are free to trade whenever they want, even if the bills they pass them line their own pockets.
As early as 2022, Gaetz has been pushing to block members of Congress from becoming lobbyists and trading individual stocks.
In early May 2023, Gaetz and Rep. Alexandria Ocasio-Cortez introduced the Bipartisan Restoring Faith in Government Act, which prohibits members of Congress, their spouses, and independents from acquiring financial investments.
“Members of Congress are spending their time trading futures instead of securing the future of our fellow Americans,” Gaetz said in a statement. “We cannot allow the Swamp to prioritize investing in stocks over investing in our country.”
The Republican firebrand also got in conflict with Senator Markwayne Mullin after Gaetz criticized how Mullin’s net worth skyrocketed from when he was a member of the House.
Mullin defended his increased wealth by calling it “hard-earned success.”
While Gaetz, responded on X, “The only thing I criticized were your stock trades while a member of Congress. I want to ban those trades. You cashed in and made millions.”
The Florida lawmaker echoed the same sentiment after New Jersey Republican Rep. Michael Guest was reported to have traded stocks while in Congress “actively.”
“No member of Congress should be allowed to trade individual stocks,” Gaetz said.
Florida Republican Rep. Cory Mills called for a similar congressional stock trade ban.
“Congress needs to bring stock trade bans to the floor for a vote,” Mills said. “Let’s see who’s really here to serve the people, or serve themselves.”
