Opinion by E.J. Dionne Jr.: We should cheer a new push among mostly younger members of Congress across party lines for a ban on stock trading by representatives and senators.
The basics: All members of Congress, their spouses, and dependents under 18 would be barred “from owning or trading securities, commodities, futures, derivatives, options, or other similar financial assets.” They would have to divest the “prohibited investments within 120 days of the effective date” of a new law and place them in “a Qualified Blind Trust” or “widely held, diversified mutual or exchange-traded funds, or U.S. Treasury bills.
Within the Democratic majority, supporters of the idea include such staunch progressives as Alexandria Ocasio-Cortez of New York and Katie Porter of California as well as moderates such as Abigail Spanberger of Virginia and Jared Golden of Maine. The top two names on the letter were those of Reps. Raja Krishnamoorthi and Brian Fitzpatrick .
When he was elected, Krishnamoorthi said, he and his wife sold “all of our individual securities” and put the money into mutual funds. He wanted to avoid being “caught in a situation where I’d have to be voting on something that would affect the value of those securities,” not to mention the need “to deal with all the disclosure requirements.
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