(TheLibertyRevolution.com)- After conducting a massive investigation, Business Insider revealed on Monday that over a dozen US lawmakers violated the STOCK Act, igniting new calls to bar members of Congress from trading stocks.
In its investigation, Business Insider, along with several dozen journalists, fact-checkers, and others, examined the financial disclosure history of every sitting member of Congress. It found that six Democrats and eight Republicans received a “Danger” rating for their disclosure history. Another 111 lawmakers were given a “Borderline” rating.
The 14 politicians, along with a handful of others with the “Borderline” rating, repeatedly violated the STOCK Act filing multiple late disclosures.
Under the Stop Trading on Congressional Knowledge or STOCK Act of 2012, members of Congress are required to disclose securities trades within 45 days of the transaction date.
Tennessee Republican Congresswoman Diana Harshbarger was responsible for more than 720 violations. In the Senate, both Democrat Dianne Feinstein and Republican Tommy Tuberville received a “Danger” rating. Tuberville has reportedly violated the STOCK Act more than 130 times since taking office in January.
Feinstein’s office defended her actions, arguing that the California Democrat has been “completely transparent” and always follows best practices by placing her personal assets in a blind trust.
Last week, Squad member Alexandria Ocasio-Cortez, a vocal opponent of lawmakers trading in stocks, reaffirmed her support for banning the practice during an Instagram video.
Ocasio-Cortez, who said she personally doesn’t hold any individual stocks, cryptocurrencies, or other digital assets, argued that lawmakers have access to sensitive information and therefore should not be able to buy or sell stocks. Her primary concern is that trading in stocks would prevent lawmakers from remaining impartial on policymaking.
In 2018, Democrat Senator Elizabeth Warren introduced legislation banning members of Congress and White House staff from owning individual stocks. She reintroduced the legislation late last year after it was discovered that some lawmakers made out like bandits on COVID-related investments.
In March, a bipartisan bill was presented that would ban lawmakers from trading in individual stocks, permitting them only to hold mutual funds or exchange-traded funds.