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Breakdown of the bill

The new bill would bar Washington officials from owning or trading stocks, even in blind trusts.

It would also impose penalties of varying degrees against those found to break the rules.

They could also be subject to additional civil penalties in “extraordinary” cases or those that involve “substantial monetary value,” according to a joint press release from Gillibrand and Hawley.

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Huge public support

Public support for a ban on stock trading among members of Congress is almost unanimous — with 86% in favor nationwide, according to a recent survey by the University of Maryland’s Program for Public Consultation.

Sen. Hawley said the bill would “put the American public first” — but this rhetoric doesn’t appear to have swayed his colleagues in Congress.

Two bills on this matter — the TRUST in Congress Act and the PELOSI Act — have failed to move the needle this year, and it’s unclear if or when the Ban Stock Trading for Government Officials Act will be debated and voted on.

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Bethan Moorcraft is a reporter for Moneywise with experience in news editing and business reporting across international markets.

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