The practice has been allowed as congressional salaries have been frozen for more than a decade.
Speaker of the House Mike Johnson voiced his support for bipartisan legislation that would ban members of Congress from trading individual stocks. Negotiations are ongoing as federal legislators have felt pressure from their constituents to restrict the still-legal practice after a number of scandals pointed to alleged insider trading.
“I’m in favor of that because I don’t think we should have any appearance of impropriety here,” said Speaker Johnson at a press conference when asked about the legislation.
“Some people say, well look, the salary of Congress has been frozen since 2009,” the Louisiana representative continued. “When you adjust for inflation, a member of Congress today is making 31 percent less than they made in that year. The counterargument is, and I have some sympathy… is at least let them engage in some stock trading so that they can continue to take care of their family.”
“I think it’s been abused in the past, and I think sadly a few bad actors discolor it for everyone,” Speaker Johnson concluded.
President Trump has indicated he would sign such a bill into law.
As the Lord Leads, Pray with Us…
- For Speaker Johnson to be discerning as he presides over the House of Representatives.
- For wisdom for President Trump as he considers the legislation he will sign from Congress.
Sources: Roll Call, Business Insider
