Tester Backs Legislation to Ban Stock Trading in Congress
Senator: “The bottom line is no one serving in Congress should be actively buying or selling individual stocks, period.”
U.S. Senator Jon Tester today announced he is backing the Ban Conflicted Trading Act, which would ban members of Congress and senior congressional staffers from actively buying or selling individual stocks and other investments while in office.
“Members of Congress are elected to serve the American people by creating good-paying jobs, lowering costs for working families, and cutting taxes—not to use their position to line their own pockets,” said Tester. “The bottom line is no one serving in Congress should be actively buying or selling individual stocks, period. I’m backing this legislation to make sure that elected officials are doing their constitutional duty and are held accountable when they put their own interests before the public trust.”
The Ban Conflicted Trading Act of 2021 prohibits Members of Congress and senior Congressional staff from buying or selling individual stocks and other investments while in office. Instead, Members of Congress can invest in widely held investments, such as diversified mutual funds and exchange-traded funds. Additionally, Members of Congress may not serve as an officer or member of the board of any for-profit association or corporation.
After enactment of the bill, sitting Members of Congress would have to sell individual holdings within six months. New Members of Congress would have to sell individual holdings within six months of taking office. On a case-by-case basis, Members can hold existing investments while in office if they are transferred into a blind trust.
Throughout his time in the Senate, he has been one of the leading advocates in Congress for the highest ethical standards and accountability for members of Congress. Tester led the push to pass his STOCK Act, which banned insider trading in Congress. He introduced his Cleaning Up Washington’s Act to close the revolving door between D.C. lobbyists and Capitol Hill by banning former members of Congress and the Executive Branch from lobbying for five years upon leaving civil service, and he introduced a Constitutional amendment to overturn the harmful Citizens United decision, declare that corporations are not people, and give Congress greater authority to get dark money out of politics. Senator Tester is also the only member of the Montana delegation to post his post his daily public schedule online.