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Corruption in Congress has once again gained center stage — this time, thanks to Rep. Ro Khanna (D-CA), who has introduced a new anti-corruption plan to “clean up” Washington.
The 2020 congressional insider trading scandal was a political scandal in the United States involving allegations that several members of the United States Senate violated the STOCK Act by selling stock at the start of the COVID-19 pandemic in the United States and just before a stock market crash on February 20, 2020, using knowledge given to them at a closed Senate meeting.
The stock sales made by various lawmakers from both parties during the March banking turmoil are renewing calls for an outright ban of Congressional trading. Congress hasn't banned lawmakers from ...
Steve Buyer, the former Republican representative for Indiana, was sentenced to 22 months in prison and ordered to forfeit more than $300,000 as well as pay a $10,000 fine for insider trading on ...
[97] Members of Congress are explicitly barred from trading stocks using insider information. [97] In October 2017, the Office of Congressional Ethics (OCE) said they had "substantial reason" to believe that Collins had improperly used his public office to benefit Innate, and had forwarded nonpublic information to other investors. [ 98 ]
In May 2023, Ocasio-Cortez was a part of a bipartisan group that introduced the Bipartisan Restoring Faith in Government Act. This act bars members of Congress from owning or trading individual stocks. Other members of this bipartisan group were Matt Gaetz, Brian Fitzpatrick, and Raja Krishnamoorthi. [357]
A push to ban stock trading by members of Congress is gathering momentum, with prominent lawmakers including Senate Majority Leader Chuck Schumer seeking to curb the controversial practice.. Those ...
In August 2021, Business Insider reported that Pfluger had violated the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, a federal transparency and conflict-of-interest law, by failing to properly disclose stock trades made by him or his wife worth between $10,007 and $150,000. [19]