President Joe Biden has publicly backed efforts to prohibit members of Congress from trading stocks, marking his first clear stance on this contentious issue. In a recent interview with More Perfect Union, Biden questioned the ethics of lawmakers who engage in stock trading while serving their constituents.
"I don't know how you look your constituents in the eye and know because the job they gave you, it gave you the inside track to make more money," Biden stated during the interview with Faiz Shakir, an adviser to Senator Bernie Sanders.
The President's support adds momentum to ongoing legislative efforts to restrict congressional stock trading. Currently, a bipartisan group of senators is pushing the ETHICS Act, which would prevent lawmakers, their spouses, and dependent children from buying stocks and other investments. The proposed legislation would also require the president and vice president to divest from covered investments.
The issue of congressional stock trading has sparked heated debate on Capitol Hill, with critics arguing that lawmakers may profit from privileged information obtained through their positions. While a 2012 law under President Obama aimed to prevent insider trading by Congress members, calls for stricter regulations continue.
Biden, who notably avoided stock ownership during his Senate career, emphasized the need for stronger restrictions: "Nobody in the Congress should be able to make money in the stock market while they're in the Congress."
Despite presidential backing, the path forward remains uncertain. The ETHICS Act, which would impose monetary penalties for violations, still awaits a full Senate vote. As Biden enters his final weeks in office, the impact of his endorsement on passing such legislation remains to be seen.