Official announcements from the White House or federal records

Biden Endorses Ban on Congressional Stock Trading Amid $204.4M Earnings, Nearing Term End

Dec 17, 2024, 05:31 PM

President Joe Biden has endorsed a ban on congressional stock trading, expressing his views in an interview set to be released this week. Biden stated, 'Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,' emphasizing the ethical concerns surrounding lawmakers' financial activities. The interview was conducted by Faiz Shakir, a political adviser for U.S. Sen. Bernie Sanders, and published by A More Perfect Union, a pro-labor advocacy and journalism organization. This endorsement comes as a bipartisan proposal to ban trading by members of Congress and their families has been debated on Capitol Hill for years but has not yet received a vote. Biden's call for a ban is seen as a response to populist anger over congressional stock trading, particularly highlighted by instances where lawmakers traded stocks after receiving briefings on significant events like the coronavirus pandemic. According to estimates, Congress has made $204.4 million in the stock market this year. Biden's statement comes only a month before his term ends.