With the issue becoming more concerning for the average American, US Congressman Ro Khanna has called to ban the United States Congress from stock trading. Indeed, Khanna took to X (formerly Twitter) to share his plan to “clean up corruption in Washington.”
A big part of Khanna’s plan includes the restriction of Congressional members from participating in the stock market. Moreover, his stance comes a week after current US President Joe Biden spoke out regarding the issue. Specifically, he too welcomed a ban on the activity that is currently taking place for lawmakers.
JUST IN:
US Congressman Ro Khanna calls to ban Congress from trading stocks.
— Watcher.Guru (@WatcherGuru) December 27, 2024
Also Read: President Joe Biden Endorses Ban on Congress Trading Stocks
US Congressman Ro Khanna Wants Congress Stock Trading Ban to ‘Clean Up Corruption’
For years, the idea of US elected officials engaging in stock trade has been a focal point for citizens. These officials are privy to sensitive information that makes the entire process of trading shares a concerning one.
Perhaps the most notable stock trader is Nancy Pelosi. Indeed, the 52nd Speaker of the House of Representatives has traded everything from Nvidia (NVDA) to Alphabet (GOOGL) on her way to a $271 million net worth.
Perhaps her most concerning trade took place in 2023. Then, Pelosi had sold $3 million in the aforementioned Alphabet stock just a month before the US Justice Department opened an antitrust lawsuit against the Google parent company. Yet that practice may be reaching its end, as US Congressman Ro Khanna has proposed to ban Congress from stock trading.
Also Read: US Representative Nancy Pelosi Buys $5M Worth of Nvidia Options
In a recent post, Khanna sought to clean up Washington by banking the practice from US Congressional members, banning PAC and lobbyist donations, banning members from becoming lobbyists, integrating Congress and Supreme Court term limits, and adopting a code of ethics for Supreme Court justices.
Khanna is certainly not alone. Just one week ago, Biden expressed his agreement with the ban on stock trading. “I don’t know how you look your constituents in the eyes and know because the job they gave you, it gave you the inside track to make more money,” Biden said in a recent interview. The remarks mark the first time Biden has publicly taken a side on the issue.
