Official announcements from the White House or government records

Biden Endorses Ban on Congressional Stock Trading, Citing Ethical Concerns

Dec 17, 2024, 06:56 PM

President Joe Biden has endorsed a ban on congressional stock trading, stating in an interview that 'Nobody in the Congress should be able to make money in the stock market while they’re in the Congress.' The interview, conducted by Faiz Shakir, a political adviser for Sen. Bernie Sanders, and published by A More Perfect Union, marks a significant shift in Biden's stance on the issue. Previously, Biden had refrained from taking a position, with former White House Press Secretary Jen Psaki stating that Biden would leave the decision to Congress. The call for a ban comes as Biden's term nears its end, with only a month remaining in office. The issue of congressional stock trading has been a point of contention on Capitol Hill, with a bipartisan proposal to ban such trading by members of Congress and their families gaining dozens of sponsors but not yet receiving a vote. Lawmakers are required to disclose stock transactions over $1,000, though compliance has been inconsistent.