Speaker Mike Johnson (R-La.) is open to considering a ban on stock trades for members of Congress.
The idea has been heavily floated by Democratic lawmakers including former House Speaker Nancy Pelosi (D-Calif.) and House Minority Leader Hakeem Jeffries (D-N.Y.).
“There’s probably a reason that the bill hasn’t moved in all those years because there’s never been a consensus built around it. But, I mean, I’m open to the conversation,” Johnson told NPR in an article published Tuesday.
“I don’t trade stocks,” he added.
Days before President Trump’s January inauguration, a bipartisan group of lawmakers sought to prohibit members of Congress, their spouses, and dependent children from trading individual stocks during their time in Congress through the Trust in Congress Act.
Reps. Dusty Johnson (R-S.D.), Chip Roy (R-Texas) and Seth Magaziner (D-R.I.) supported the measure.
“Most Americans agree that congressmen should be banned from buying stocks,” Johnson said of the effort.
“As members of Congress, we may have access to information regarding companies and markets, and we absolutely should not have the ability to use this information for personal gain.”
Members of Congress are already banned from acting on insider information by federal law. The STOCK Act signed into law in 2012 also requires members to report their stock trades within 30 days.
But ethics advocates have said there are no real punishments for bypassing the rules. The penalty for a violation is $200, and no member has ever been prosecuted for violations.
