Former members join the chorus calling to end congressional stock trading

A group of over 40 former lawmakers, spearheaded by the political reform group Issue One, is pushing for a vote on legislation that would prohibit Congress members from owning or trading individual stocks. The request was made in a letter to Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell, calling for the proposal to be included in any urgent legislative package before the end of the 118th Congress. Zach Wamp, a former Republican representative, emphasized the need for Congress to uphold public service ideals and eliminate any perception of impropriety. This movement gained momentum amid heightened scrutiny of lawmakers' stock trading during the COVID-19 pandemic, where questionable trades drew public and regulatory attention. Current federal laws already prohibit trading based on nonpublic information, but critics argue that enforcement is weak and penalties are minimal.

The ETHICS Act, championed by Senator Jeff Merkley, aims to address these issues by implementing stricter rules. Merkley expressed optimism about the proposal's chances, citing growing support among former officials. The call for reform reflects a broader concern about the integrity of public service in the United States.