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Buy NowIf Republicans retake Congress next year, lawmakers’ financial portfolios could look a little different.
That is because House Minority Leader Kevin McCarthy, R-Calif., said he is considering limiting or barring lawmakers from holding or trading stocks and equities if Republicans gain a majority in the House in November.
Though he is considering the changes, McCarthy told Punchbowl News he has yet to come to any conclusions on what types of limitations would be put in place.
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Buy NowNew rules would allow lawmakers to only hold professionally managed mutual funds or stocks in the kinds of companies that are not relevant to the committee work they do, according to Punchbowl News.
McCarthy’s potential changes come as Insider’s Conflicted Congress project revealed 52 congressional lawmakers and 182 senior congressional staffers had violated the STOCK Act, an Obama-era law designed to clamp down on insider trading and protect against conflicts of interest.
According to an Insider analysis of congressional financial disclosures, McCarthy is among federal lawmakers who have voluntarily abstained from trading individual stocks.
House Speaker Nancy Pelosi, D-Calif., publicly defended the practice at a press conference last month, after Insider’s Bryan Metzger asked if she would support a stock-trading ban for members.
“We are a free-market economy,” Pelosi. “They should be able to participate in that.”
Democrat lawmakers, including Sen. Elizabeth Warren, D-Mass., and Rep. Alexandria Ocasio-Cortez, D-N.Y., have also endorsed stock-trading bans.
Sen. Jon Ossoff, D-Ga., is also preparing to introduce legislation that would ban members of Congress and their spouses from trading the individual stocks of corporations, as many spend significant amounts of money lobbying the federal government and compete for lucrative government contracts.
A proposed bill that would end trades among members was introduced in the Senate last year. Known as the Ban Conflicted Trading Act, it is sponsored by four lawmakers, including Sen. Jeff Merkley, D-Ore., and Georgia’s other freshman Sen. Raphael Warnock, D-Ga.
