President Joe Biden has publicly endorsed a ban on congressional stock trading, addressing an issue that has sparked years of debate on Capitol Hill. In an interview with More Perfect Union, a pro-labor advocacy journalism outlet, Biden stated, “Nobody in the Congress should be able to make money in the stock market while they’re in the Congress.”

Biden’s remarks mark a shift from his earlier stance of deferring the matter to Congress, as noted during a 2022 White House press briefing. The president’s comments were first reported by the Associated Press, which reviewed the interview ahead of its full release.

During the interview, Biden reflected on his decades-long career as a U.S. Senator, emphasizing his reliance on his salary rather than stock market investments. “I don’t know how you look your constituents in the eye and know, because the job they gave you, gave you an inside track to make more money,” Biden added.

Bipartisan calls for restrictions on congressional stock trading have gained momentum in recent years. The issue gained renewed public attention when reports revealed that lawmakers had traded millions of dollars in stocks after being briefed on the coronavirus pandemic’s potential economic impact. Although lawmakers are required to disclose stock transactions exceeding $1,000, violations are common, with some disclosures filed late or not at all.

Efforts to address the issue have been spearheaded by a bipartisan group of senators, including Democrats Jon Ossoff, Gary Peters, and Jeff Merkley, along with Republican Josh Hawley. Their proposed legislation would bar members of Congress and their spouses from trading individual stocks. While the bill advanced out of committee earlier this year, it has yet to receive a floor vote.

The timing of Biden’s endorsement—just weeks before the end of the current congressional session—raises questions about its immediate impact, especially as focus shifts to the incoming administration. Despite this, Biden’s comments are expected to add renewed pressure for reforms aimed at addressing perceived conflicts of interest among lawmakers.

Biden’s remarks also highlight broader concerns about financial ethics in Washington, particularly as public trust in political institutions remains strained. With bipartisan support for congressional stock trading bans, the issue could see further traction in the next legislative session.

Washington Post Article