Tester Backs Plan To Ban Stock Trading

U.S. Senator Jon Tester announced Feb. 7 that he is backing the Ban Conflicted Trading Act, which would ban members of Congress and senior congressional staffers from actively buying or selling individual stocks and other investments while in office.

The Ban Conflicted Trading Act of 2021 prohibits Members of Congress and senior Congressional staff from buying or selling individual stocks and other investments while in office. Instead, members of Congress can invest in widely held investments, such as diversified mutual funds and exchange-traded funds. Additionally, members of Congress may not serve as an officer or member of the board of any for-profit association or corporation.

After enactment of the bill, sitting Members of Congress would have to sell individual holdings within six months. New Members of Congress would have to sell individual holdings within six months of taking office. On a caseby- case basis, Members can hold existing investments while in office if they are transferred into a blind trust.

“Members of Congress are elected to serve the American people by creating good-paying jobs, lowering costs for working families, and cutting taxes — not to use their position to line their own pockets,” said Tester. “The bottom line is no one serving in Congress should be actively buying or selling individual stocks, period. I’m backing this legislation to make sure that elected officials are doing their constitutional duty and are held accountable when they put their own interests before the public trust.”