Connect with us

Hi, what are you looking for?

Latest News

Democrat, Republican join forces to ban members of Congress from trading stocks while on taxpayers’ dime

EXCLUSIVE: Two lawmakers from opposite sides of the aisle are joining forces on a bill that would ban members of Congress from trading stocks while working on the American taxpayers’ dime.

The bill, officially called the Prohibition of Financial Trading on Government Property Act, was introduced Thursday by Reps. Nancy Mace, R-S.C., and Angie Craig, D-Minn., and would prevent certain federal employees, including elected officials, from engaging in financial trading activities while on federal property or using government resources.

‘Federal government employees should be working on behalf of the people, not using time at work to trade stocks. The American people expect members of Congress and our staff to get things done when we are on taxpayer time,’ Mace told Fox News Digital ahead of the bill being introduced.

‘Banning stock trading on government land and in federal office buildings, much like we’ve done with gambling and soliciting campaign donations, will make sure the government is working when we’re on your dime,’ she added.

Craig told Fox that stock trading should be treated no different from gambling or soliciting for campaign donations on federal property.

‘The American people deserve to know that their representatives and their staff are focused on their official duties, and my bipartisan legislation with Rep. Mace will help give our constituents that peace of mind,’ she said.

Gambling on federal government property is currently prohibited, including use of mobile betting apps. Anyone attempting to use those apps faces a geofence on their device and become physically unable to use them until outside the boundary.

Financial trading apps, such as Robinhood, E-Trade and Coinbase, do not have the same restrictions and can be used at will. 

Mace’s office pointed out that there are also currently no restrictions preventing government employees or elected officials from communicating with someone who engages in financial markets on their behalf while on government property.

The bill would, however, provide exceptions for those authorized to engage in financial trading activities as part of their official duties, or who have been given prior written approval from their agency head. Other exceptions would be trading on postal service facilities and in national parks.

Other lawmakers have called for stricter rules on financial trading, including the banning of members of Congress from being able to trade stocks all together.

This post appeared first on FOX NEWS







    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!





    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    Russia’s Arrest Warrant for Lindsey Graham: A Diplomatic Tug-of-War Unveils Deepening Tensions Article: In a startling turn of events, Russia has issued an arrest...

    Stock

    Mastering the Covered Calls Options Strategy: A Comprehensive Guide for Investors Introduction: Covered calls are a popular options strategy used by investors to generate...

    Latest News

    23 GOP-Led States Rally Behind Florida’s Challenge to Biden’s Policy on Migrants Released Without Court Dates Introduction: In a significant show of solidarity, 23...

    Investing

    Top 10 Manganese-producing Countries: A Look at the Global Leaders in Manganese Production (Updated 2023) Manganese is an essential metal used in various industrial...

    Disclaimer: Worldmarkettitans.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Worldmarkettitans.com