Stock Trading Ban Backers Hope Fight Has Reached "Tipping Point"

Lawmakers this week renewed a push to ban stock trading by members of Congress, as previously competing proposals were merged into a single measure.

Advocates hope these provisions can help the bill clear political hurdles as lawmakers decide whether to police themselves.

The new 10-page Restore Trust in Congress Act was unveiled to fanfare, Ben Werschkul reported for Yahoo Finance.

Supporters hope the stars might finally be aligning around the issue. Their optimism rests on overwhelming public support — one survey found 86% of Americans favor a ban — and on a trio of policy choices designed to withstand political attacks and address lawmakers’ financial concerns.

For one, the bill sidesteps President Trump and his White House, explicitly excluding them from the ban. It also offers tax breaks to lawmakers who divest and prohibits certain types of blind trusts.

Advocates hope these provisions can help the bill clear political hurdles as lawmakers decide whether to police themselves.

“We have reached a tipping point where pressure from outside the building is becoming too much for leadership to deny,” Rep. Seth Magaziner, a Rhode Island Democrat, said during the recent unveiling.

Magaziner is leading the effort alongside Rep. Chip Roy, a Texas Republican.

Both have pledged to force a House floor vote one way or another. Rep. Anna Paulina Luna, a Florida Republican, is also backing the push, setting a deadline at the end of the month to trigger a discharge petition if leadership resists.