Before taking their August holiday and focusing primarily on November’s midterm elections, US lawmakers have a long to-do list, but proponents for a ban on congressional trading of individual stocks are optimistic that the matter will be addressed.
A China competition bill, inflation relief, additional COVID-19 financing, antitrust legislation for big tech, and more.
“I think there is great momentum. It’s just not public,” said Donald Sherman, a watchdog group’s senior vice president and chief counsel.
“My understanding is that there’s a Senate compromise bill that is going to be released relatively soon. That is a compromise insofar as it combined elements from lots of people’s bills.”
Sherman stated by “soon” he meant “by this time next month.”
Following the House Administration Committee’s April 7 hearing on probable new limits on legislators’ buying and selling of individual stocks, the CREW expert saw modest progress in the House of Representatives.
Following his testimony at that meeting, Sherman said he had “pretty robust” further questions from that panel earlier this week, “which suggests to me that members are in the weeds on what comprehensive legislation might look like.”
“I would think that the Senate would aim to get something across the finish line before August recess so that then the House can resolve and pass something in the fall,” Sherman added.
“This is an issue that members of Congress are either going to run on — or run from — in November. And so I think that timeline makes sense, to ensure that members can go back to their districts in the fall and demonstrate that they have gotten this across the finish line.”
According to a recent Morning Consult/Politico poll, 63% of all respondents support a ban on lawmakers trading stocks, with 69% of Democrats and 58% of Republicans in favor.
However, according to a Quinnipiac University poll, Americans are more concerned about inflation, Russia’s invasion of Ukraine, immigration, climate change, and election rules.