The new legislation named Banning Insider Trading in Congress Act was made in order to forbid lawmakers and their spouses from buying, holding, or selling individual stocks. Senator Josh Hawley has proposed legislation to put a halt on insider trading taking place among the members of Congress. Investments in mutual funds, Treasury bonds, and exchange-traded funds would not be prohibited.

Hawley gave out a statement in which he emphasized that politicians always find a way to beat the market and purchase and trade millions of stocks of the firms they're meant to regulate. While the country is suffering, Big Tech and Wall Street cooperate with elected politicians to help each other profit.

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Reports also say that Senator Jon Ossoff is teaming up with Senator Mark Kelly to introduce very similar legislation, meaning that there will be two proposals that will ban stock trades.

Ossoff has a plan to prohibit children from investing, but Hawley's does not. Hawley's bill would entrust supervision to the Government Accountability Office, and Ossoff's leaves the matter to congressional ethics committees.

Members of Congress and their immediate families traded more than $630 million in stocks last year, according to a report by The New York Times' DealBook, which was based on research conducted by Capitol Trades. The news comes just days after House Speaker Nancy Pelosi dodged questions regarding the issue.

The reporter interviewing Pelosi mentioned a five-month investigation that concluded that 49 members of Congress and 182 senior Congressional staffers broke the Stock Act, but Pelosi didn't want to comment on the situation.
Podcast host Joe Rogan described Nancy Pelosi's answers as vague, underlining that investing in stock because you know when they will go up is a problematic situation and that politicians should be prohibited from participating in the stock market in such a manner.