Examining Congressional Trading Ban & A Lawmakers Co-sponsorship
In the past few decades, many people have raised their concerns about the ethics of congressional trading. The general public, media, lawmakers, and others say that trading stocks in Congress is biased and involves using secret information. To stop this, several bills were proposed, and a law called the "Stop Trading on Congressional Knowledge Act" or STOCK Act of 2012 was also passed.
In 2023, a notable increase in efforts to curb congressional trading was recorded, with several members of Congress voicing support for such measures. Representative Ro Khanna's Five-Point Plan for Political Reform gained attention and later received support from Representative Matt Gaetz.
In the past, many other lawmakers have also presented similar sentiments including Representatives Val Hoyle and Joe Garcia, along with Senators Josh Hawley, Elizabeth Warren, and Steve Daines, all advocating for a ban on congressional trading.
Recently, Representative Greg Casar joined others to support a law against congressional stock trading. Casar, who represents Texas’s 35th Congressional District, was a labor organizer in the past. He took office in January 2023 and is currently a member of the House Committee on Agriculture and the House Committee on Oversight & Accountability.
According to Capitol trades data, Casar hasn't traded any stock since joining Congress last year. He is one of the few congressmen estimated to have a net worth of less than $1 million.
The noteworthy observation is that in recent months, there has been a decline in Congressional trading activity. It appears that an impact has been made but what remains to be seen is whether or not it will remain or is it just a phase.
