Jul 31, 2023
As the crusade against insider stock trading in Congress steps up a notch, one politician has shared his rather rare take on stock ownership.
“I don’t own individual stocks … and so, when I make decisions about what we ought to be doing to protect consumers, I’m guided by what’s best for the people at home,” Senator Reverend Raphael Warnock said on CNBC’s ‘The Exchange’ in late July.
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His comments followed the proposal of the “Ban Stock Trading for Government Officials Act” — which would bar Washington officials from owning or trading stocks, even in blind trusts.
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“I’m not owned by any of these companies … and I’m not thinking about how this will impact my own pocketbook,” Warnock added.
‘Conflicts of interest’
Warnock is part of a bipartisan cohort fighting against insider trading by members of Congress, their families and their staff.
Public scrutiny of congressional stock trading has intensified in recent years, with politicians being accused of using their connections and insider information to score winning deals.
“It’s about conflicts of interest. It’s about transparency,” Warnock told CNBC. “It’s about making sure that the people who send us here to represent them can be assured that we are representing them, that we’re thinking about them, that we’re centering their interests, as we make important decisions about a whole range of issues.”
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Persuading Washington
Despite bipartisan support from a small group of politicians, multiple bills proposing to ban congressional stock trading have failed to move the needle in Washington.
Warnock is more likely to see success in his campaign against junk fees and their harmful effect on Americans’ wallets and the U.S. economy — an issue that has the full attention of the Oval Office.
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Bethan Moorcraft is a reporter for Moneywise with experience in news editing and business reporting across international markets.
