President Joe Biden endorsed a ban on congressional stock trading in an interview released this week, belatedly weighing in on an issue that has been debated on Capitol Hill for years. Better late than never — millionaire Congress members have fueled the cynicism of voters for decades. Via the AP:
“Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said.
[…] It’s unclear what impact Biden’s statement could have, coming only a month before his term ends.
The Democratic president spoke to Shakir about his economic legacy, which includes supporting unions, investing in clean energy projects and signing infrastructure. But Shakir also asked about congressional stock trading, which has been a catalyst for populist anger at Washington.
For example, when the coronavirus pandemic was approaching, some lawmakers bought and sold millions of dollars worth of stock after being briefed on the virus.
A bipartisan proposal to ban trading by members of Congress and their families has dozens of sponsors, but it has not received a vote.
