Morelle, Committee Dems Fought to Turn Weak GOP Bill into Real Stock Trading Ban at Committee Markup
WASHINGTON – Today, Rep. Joe Morelle (NY-25), the top Democrat on the Committee on House Administration, led the Committee’s Democratic Members in a fight to improve Speaker Johnson and Chairman Steil’s weak stock trading bill with a series of amendments that would have turned the legislation into a total ban on Members of Congress trading stocks.
“I strongly support a ban on federal officers—including Members of Congress, the President, the Vice President, and judges and justices of the federal judiciary—trading individual stocks. When politicians trade individual stocks, they erode public trust—not just trust in Congress, but in our government writ large,” said Ranking Member Morelle during his opening statement.
Through a series of thoughtful amendments crafted by Ranking Member Morelle, Congresswomen Sewell, Torres, and Johnson, the Committee’s Democratic Members attempted to correct the massive loopholes as well as ban Members of Congress from owning and trading stock.
Ranking Member Morelle offered an amendment that would replace the Republicans’ weak bill with an actual stock trading ban for Members of Congress, the President, and the Vice President – the Restore Trust in Government Act.
Congresswoman Terri Sewell offered an amendment that would add the President and Vice President to the Republicans’ bill.
Ranking Member Morelle offered an amendment that would add senior congressional staff and judicial officers to the Republicans’ bill.
Congresswoman Norma J. Torres offered an amendment that would remove the loophole that allows Members of Congress to continue to purchase stocks with dividends.
Ranking Member Morelle offered another amendment that would add a prohibition on buying commodities and futures, which is allowed by the Republicans’ bill.
Congresswoman Julie Johnson offered an amendment that would require the full divestment of stock holdings for Members of Congress.
Ranking Member Morelle offered an amendment that would close “The Grandma Loophole,” a Republican provision that allows for the continued buying and selling of stock.
Republicans rejected every offered amendment, voting to allow Members of Congress and the President to continue to trade stocks and preserve the bill’s egregious loopholes. On a partisan 7-4 vote, the Committee reported a bill that does not ban Members of Congress from trading stocks.
Background: Last month, Rep. Morelle introduced H.R. 6731, a congressional stock trading ban that would meet the demand of the American people and finally implement a ban on Members of Congress buying and selling stocks. This bill was introduced along with Rep. Seth Magaziner, Leader Hakeem Jeffries, Whip Katherine Clark, Chairman Pete Aguilar, and Rep. Pramila Jayapal. Reps. Terri Sewell, Norma Torres, and Julie Johnson are all co-sponsors.
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