According to Data for Progress, a majority of voters support banning members from trading stocks while they are in office.
In a January survey of over 1,200 likely voters, 67 percentA majority of respondents supported the ban. The poll found that 74% supported the ban after being presented with arguments in support and against the proposal.
According to the survey results voters from all political stripes are generally in agreement on this issue. After hearing arguments in support of the proposal, 75% of Democrats, 76% of independents, and 70% of Republicans supported a ban. Overall, the issue won the support of 55 percent of the opposition, with only 19% saying they were strongly or somewhat opposed to it.
These poll results are similar with another Data for Progress poll that was conducted in February and March last year. This poll also found strong bipartisan support for banning.
A Morning Consult/Politico pollThe results released on Wednesday showed that a majority support the proposal. Sixty-three percent of voters surveyed said that members of Congress shouldn’t be allowed to trade stocks; once again, support for such a proposal came from a bipartisan majority of voters.
Some Democrats have been advocating for a ban on stock trading for members of Congress in recent months. Last week, Senators Jon Ossoff and Mark Kelly (D–Georgia), introduced a bill. That would be a compelling reason. lawmakers and their families to move their stock portfolio into a blind trust when they took office and divest from investments that couldn’t be put in the trust.
The bill’s introduction came after House Speaker Nancy Pelosi (D-California) rejected the idea of banning stock trading for lawmakers, saying, “we’re a free market economy.” Her comments sparked ragehe urged Democrats to continue the fight for the ban.
Pelosi is one of the most active stock traders in Congress. in 2020 gainedPartly due to stock trading, she has an estimated $16.7million in joint earnings with her husband. She is also a consistent top-ranked. among the richest membersCongress
Similar efforts were made by other legislators to ban stock trading. Last year, Sen. Elizabeth Warren (D.Massachusetts). Introduced a billIt would prohibit members of Congress from trading stock, as well as other top federal officials, such judges and Cabinet members. Passing such anti-corruption legislation “is a no-brainer,” she said at the time.
Lawmakers are privy to vast amounts of information that aren’t available to the public, which puts them at a distinct advantage when it comes to trading stocks. Trades made by senators who had Advance noticeFor example, suspicions of insider trading have been raised because of the impending economic turmoil during the pandemic. There have been other stock trading scandals related to the pandemic at places. Like the Federal ReserveAlarm bells have also been raised, indicating a decline in public trust in legislators and their motivations.
Last year, reports foundMembers of Congress traded approximately $300 million in stocks, with over a hundred membersIn 2021, at least one active trade will be made. Overall, Congress beat last year’s market. Stock ownership is on the rise. among members of the public is fallingStock ownership is no longer an option for the wealthy.