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In today’s …
23. December 2024
President Joe Biden has taken a firm stance on banning lawmakers from trading stocks, a contentious issue that has plagued Congress for years. With just weeks left to secure his legacy, Biden’s endorsement is a significant development.
In an interview with More Perfect Union, as reported by the Associated Press, Biden stated that “Nobody in the Congress should be able to make money in the stock market.” He emphasized the importance of transparency and accountability, highlighting the need for fairness and an end to conflicts of interest.
Biden’s stance marks a significant shift from his previous deflection on the issue. In 2022, then-White House Press Secretary Jen Psaki said that Biden believed everyone should be held to high standards but ultimately deferred to Congress on this matter. However, Biden’s recent comments suggest he is now taking a more active role in pushing for reform.
Public opinion consistently supports a stock-trading ban, with 71% of Americans believing lawmakers should not be able to trade stocks while serving in office, according to a 2022 survey conducted by The Hill. Despite the president’s strong backing, legislative momentum on this issue appears unlikely before the end of his term.
However, recent progress suggests that incremental steps toward reform are possible. A bipartisan group of senators successfully passed a compromise stock-trading ban bill out of committee in July, demonstrating that even modest measures can be taken towards addressing this concern.
The prospect of a broader ban on congressional stock trading remains uncertain, but Biden’s endorsement underscores the growing recognition that lawmakers must prioritize public trust over personal financial gain. As Congress looks to wrap up its last session, it is clear that this issue will continue to simmer, with hopes for meaningful change in the years to come.