WASHINGTON, DC — U.S. Senator Gary Peters (MI), Chairman of the Homeland Security and Governmental Affairs Committee, announced a bipartisan agreement on legislation to ban Members of Congress from trading stocks. The bill would immediately ban Members of Congress from buying stocks and other covered investments and prohibit members from selling stocks 90 days after enactment. The legislation also requires Members of Congress, the President, and the Vice President to divest from all covered investments, starting in 2027. Peters announced that his committee will consider the legislation this tomorrow, July 24th, which will be the first time a Senate committee marks up legislation barring stock trading by Members of Congress.
Detroit News: Peters leads renewed, bipartisan push to ban stock trades by members of Congress
“For the first time, a U.S. Senate committee will consider legislation that bars members of Congress from trading stocks, Michigan Sen. Gary Peters announced Wednesday.
“Peters, who heads the Committee on Homeland Security and Governmental Affairs, is leading the effort along with a bipartisan group of senators.
“‘I believe that Americans deserve to have confidence that their federal elected officials are making decisions that are in the best interest of the American public, and are not in the interest of any personal finances or financial decisions they make,’ Peters, D-Bloomfield Township, said Wednesday.
“The bill would ban lawmakers — including the president and vice president of the United States — from buying and selling a wide range of financial assets. They include securities, commodities, futures, options, trusts and ‘other comparable holdings,’ according to Peters.
“He added that the legislation would also require that federal elected officials, their spouses and dependent children divest from any such assets beginning in 2027.
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“Peters said his committee will consider the legislation during its next markup session, currently scheduled for July 24.”
“Four senators reached a bipartisan agreement Wednesday to advance legislation that would ban stock trading among members of Congress, their spouses and their dependents.
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“The legislation would build off of Merkley’s ETHICS Act and immediately prohibit congressional lawmakers ‘from buying stocks and other covered investments’ and from selling stocks 90 days after enactment.
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“‘The public should be confident that federal elected officials are making decisions that are in the best interests of the American people, not their own personal finances,’ Peters, who serves as the chairman of the committee said in the news release.
“‘I appreciate the leadership from Senators Merkley, Hawley and Ossoff on this important issue, and I’m grateful to them for working closely with me to draft this bipartisan, commonsense agreement that strengthens accountability for the public and prevents bad actors from taking advantage of their positions for their personal financial gain,’ he added.”
Washington Post: Bipartisan Senate group proposes ban on congressional stock trading
“Members of Congress and their families would face stiff penalties for trading stocks under new legislation released Wednesday by a bipartisan group of senators.
“The bill, introduced by Sens. Jon Ossoff (D-Ga.), Gary Peters (D-Mich.), Jeff Merkley (D-Ore.) and Josh Hawley (R-Mo.), would bar members of Congress from buying and selling stocks and certain other investments, and impose similar restrictions on lawmakers’ spouses and dependent children by 2027.
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“The Homeland Security and Governmental Affairs Committee will vote to advance the legislation to the Senate floor on July 24, Peters, the committee’s chair, announced Wednesday.”
ABC News: Senators reach bipartisan deal to ban stock trading by lawmakers
“A bipartisan group of senators reached a deal on Wednesday to move forward with legislation that would ban stock trading by members of Congress.
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‘“The public should be confident that federal elected officials are making decisions that are in the best interests of the American people, not their own personal finances,’ Peters said in a statement on Wednesday.”
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“The measure will be taken up for consideration at a meeting of the Homeland Security and Governmental Affairs Committee on July 24.”
Axios: Senators unveil bipartisan deal on stock trading ban
“A bipartisan group of senators reached a deal Wednesday on legislation to ban stock trading by members of Congress, setting the bill up for action in the Senate later this month.
“Why it matters: The agreement breathes new life into the push to ban stock trading by lawmakers, which is supported broadly by voters but has stumbled on Capitol Hill.
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“The big picture: Previous efforts to get a stock trading ban passed through Congress have failed over the last few years.
“But the bipartisan backing in the Senate could tee up the bill for rare progress during an election year.”
Politico: Bipartisan Senate group unveils bill to bar stock trading by members of Congress
“Sen. Gary Peters (D-Mich.), chair of the Homeland Security and Governmental Affairs Committee, said his panel would take the ‘historic step’ of considering the measure at a July 24 markup.
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“Sen. Josh Hawley (R-Mo.) said Peters worked hard to create legislation ‘that will be tough, that will close the loopholes, that will close the avenues of avoidance, that will impose real penalties.’”
NBC News: Senators push stock trading ban to prevent lawmakers from profiting from insider knowledge
“Sens. Jon Ossoff, D-Ga., Gary Peters, D-Mich., Josh Hawley, R-Mo., and Jeff Merkley, D-Ore., announced their legislative proposal, dubbed the ETHICS Act, on Capitol Hill.
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“Peters, the chair of the Homeland Security and Governmental Affairs Committee, which first must approve the bill before any floor action, called the measure ‘a commonsense piece of legislation that helps maintain trust in this institution.’”
NPR: Bipartisan Senate group pushes ban on lawmaker stock trading
“Oregon Democratic Senator Jeff Merkley, Michigan Senator Gary Peters, Georgia Democratic Senator Jon Ossoff and Missouri Republican Senator Josh Hawley are outlining a new version of a measure dubbed the ‘ETHICS Act,’ Ending Trading and Holdings in Congressional Stocks. Peters, who chairs the Senate Homeland Security and Governmental Affairs committee, pledged his panel would take up the bill in his committee later this month.
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“Peters said he expected the bill to have ‘broad support’ and the framework already has significant Democratic support.”
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