Senators Gillibrand and Hawley Introduce Bipartisan Bill to Bar Lawmakers and Executives from Owning Stock
Democratic Senator Kirsten Gillibrand and Republican Senator Josh Hawley have collaborated on a new bipartisan legislation aimed at preventing lawmakers and executive branch members from owning individual company stocks. The joint effort hopes to address concerns about potential conflicts of interest and ensure that elected officials prioritize the interests of the American public.
Under the proposed measure, individuals who are affected would face penalties and fines if found in violation of the law. Executive branch personnel would risk fines of $10,000 or more, along with the forfeiture of any gains made through stock trading. Members of Congress, on the other hand, would face penalties amounting to at least 10% of the value of their prohibited investments if they fail to comply with the bill.
In addition to the penalties, the bill’s authors also aim to establish a public database that records stock transactions made by members of Congress and executive branch employees. This move towards transparency would provide better oversight and accountability, discouraging the misuse of privileged information for personal gain.
Senator Hawley, who had previously introduced a similar bill in January, expressed his concern about politicians and civil servants engaging in day-trading activities at the expense of the American public. He emphasized that the bill with Senator Gillibrand is a common-sense approach to address these issues and put the interests of the American people first.
It is essential to ensure that elected officials and executives prioritize their roles in serving the public rather than seeking personal financial benefits. This legislation signals a step towards fostering integrity and ensuring that those in power act in the best interest of the American people.
In summary, Senators Gillibrand and Hawley are reintroducing a bipartisan bill that aims to prohibit lawmakers and executive branch members from owning stock in individual companies. The proposed measure includes penalties and fines for those who violate the law, as well as the establishment of a public database to track stock transactions. This legislation seeks to prioritize the interests of the American public and prevent elected officials from using their positions for personal gain. By promoting transparency and integrity, the bill aims to uphold the responsibilities entrusted to lawmakers and executives.
