Photo: Kevin Dietsch / Getty Images News / Getty Images
New York Senator Kirsten Gillibrand has introduced the "No Stock Act," a bill aimed at banning senior government officials, including members of Congress, Supreme Court Justices, the President, and the Vice President, along with their immediate families, from holding or trading stocks and other financial assets. The legislation seeks to address potential conflicts of interest that arise when government officials engage in stock trading.
The proposed bill comes in response to data indicating that one in three members of Congress traded stocks or other financial assets between 2019 and 2021. According to Senator Gillibrand, more than 3,700 of these trades posed potential conflicts with their legislative duties. She emphasized that the existing STOCK Act, passed in 2012, which prohibits Congress members from using insider information for trading, has not been sufficient to prevent such conflicts.
The "No Stock Act" aims to completely ban stock trading by senior government officials to ensure their actions are free from personal financial motivations. Gillibrand stated that 86% of Americans support a bill to prohibit members of Congress from trading individual stocks.
The bill's introduction highlights ongoing concerns about the integrity and transparency of government officials' financial activities. If passed, the legislation could significantly impact how government officials manage their financial portfolios and address public concerns about potential conflicts of interest.