U.S. Senator Todd Young says he supports banning members of Congress from trading individual stocks.
In an opinion piece published in The Indianapolis Star, Young said public trust in the federal government remains low, citing polling that shows 17 percent of Americans say they trust the government.
Young said current law allows members of Congress to buy and sell individual stocks while also writing legislation and serving on committees that oversee industries. He said that creates the potential for conflicts between official duties and personal financial interests.
According to Young, the STOCK Act requires lawmakers to report stock trades over $1,000 within 30 days, with an initial fine of $200 for violations.
Young said about 200 members of Congress currently hold individual stocks, including some who serve on committees connected to those industries.
He said he supports two proposals aimed at restricting stock trading. The Stop Insider Trading Act would prohibit stock trading by members of Congress, their spouses, and dependent children, and increase penalties for violations. The Restore Trust in Congress Act would require lawmakers to divest individual stock holdings and establish enforcement guidelines.
Young said the legislation is intended to prevent members of Congress from using their positions for personal financial gain.
