Reed criticizes Republican stock trading bill, calls for full ban on trading by members of Congress
The Rhode Island Democrat called the Republican measure a "sham" full of loopholes and urged a vote on a bipartisan bill that he said would ban stock trading and ownership by lawmakers, the president and the vice president.
U.S. Sen. Jack Reed (D-R.I.) criticized a Republican bill billed as a ban on stock trading by members of Congress, calling it a "sham" that he said would not actually stop lawmakers from trading.
In a statement, Reed's office said Senate Republicans were preparing a vote on the measure instead of on the HONEST Act, a bipartisan bill that his office said would ban stock trading and ownership by members of Congress, the president and the vice president.
According to Reed's office, the Republican bill would allow lawmakers to keep their stocks, sell them and continue trading in privately held companies. His office also said Republicans had attached voter ID language, which it called a "poison pill" and said the Senate has already rejected six times, to ensure the bill fails.
"Public officials should not trade individual stocks and should not personally benefit from their access to sensitive information," Reed said. "Instead of restoring trust in the government, this Republican sham would further erode it."
Reed, who his office said does not own or trade individual stocks, argued that Republicans could pass a ban if they wanted to.
"Republicans control the House, Senate, and White House. If they actually wanted to ban stock trading by members of Congress it'd be done by now," he said.
Reed also accused Republicans of declining to address what his office described as ethical concerns and allegations of potential market manipulation or insider trading involving President Trump, his family and members of his administration.
"Republicans should allow a vote on a clean, simple, straightforward stock trading ban on members of Congress and the President," Reed said.
Reed is the author of the Insider Trading Prohibition Act, which his office said would define insider trading and crack down on securities fraud.
The statement included no response from Senate Republicans.
This brief was drafted by AI from a public agency or political press release and published by The New England Signal. Why we use AI for stories like this one.