


Outgoing President Joe Biden is now calling for a ban on stock trading by members of Congress.
Biden, who will depart the White House next month, endorsed such a ban during an interview that was released on Tuesday. Bipartisan legislation banning members from trading individual stocks has been introduced in Congress, although it hasn’t come to a floor vote.
Biden said that the law should be changed at the federal level so that “nobody in the Congress should be able to make money in the stock market while they’re in the Congress.” He made the remarks during an interview with liberal media organization A More Perfect Union.
Biden said that during his 36 years in the Senate, he was listed as “the poorest man” in Congress.
“I never thought I was poor — I had a salary that a senator made,” Biden said. “But you know, I don’t know how you look your constituents in the eye and know because the job they gave you, it gave you an inside track to make more money.”
Critics of current policy contend that allowing lawmakers to trade stock while in office can facilitate insider trading and conflicts of interest. The stock holdings of some lawmakers have far exceeded the performance of the S&P 500, at times by enormous degrees.
The position of the Biden White House has previously been to stay out of the debate over stock trading and let Congress decide.
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Former White House Press Secretary Jen Psaki said in 2022 that while Biden “believes that everyone should be held to the highest standard … he’ll let members of leadership in Congress and members of Congress determine what the rules should be.”
Legislation introduced in the House and Senate that would ban lawmakers from trading individual stocks has received support from both Democrats and Republicans.