That 2012 law-designed to prevent insider trading by lawmakers-was violated by over 50 members of Congress during 20, according to a recent investigation.Īddressing this problem, the groups argue, necessitates 'a blanket ban on trading or owning any individual stocks, bonds, commodities, futures, derivatives, options, or other similar financial assets, except widely held investment funds.' A blind trust would only work if the beneficiary does not know what assets the trust holds, they wrote.

It was sent amid growing momentum for such a ban-a prohibition that the groups frame as clearly needed in light of 'the routine and bipartisan failures to comply with the STOCK Act.' House leaders from organizations including Citizens for Responsibility and Ethics in Washington (CREW), Public Citizen, and the Revolving Door Project. The demand was delivered in a letter to U.S.

Citing reports of 'suspicious stock trades' at the start of the pandemic and a 'crisis of institutional legitimacy,' a diverse group of 19 organizations on Monday urged Congress to pass legislation banning individual stock trading by federal lawmakers.

Congressional watchdog groups