A bipartisan group of senators announced a deal Wednesday on a ban on stock trading in Congress, aimed at preventing members from profiting from insider knowledge.
Senators Jon Ossoff, D-Ga., Gary Peters, D-Mich., Josh Hawley, R-Mo., and Jeff Merkley, D-Ore., announced their legislative proposal on Capitol Hill.
The proposed legislation would prohibit lawmakers from purchasing stocks and other covered investments and bar members from selling stocks 90 days after the bill’s enactment, according to a bill obtained by NBC News. Spouses and dependent children of members would also be prohibited from trading shares from March 2027.
The legislation would also require lawmakers, as well as the president and vice president, to divest from all covered investments starting in 2027.
Penalties for violations would be the employees’ monthly salary or 10% of the value of the property in violation of the law, whichever is greater.
Ossoff has been pushing for similar legislation since joining the Senate in 2021 and placing his own stock portfolio in a blind trust that year.
The Homeland Security and Governmental Affairs Committee, chaired by Peters, is expected to draft the proposed legislation on July 24.
This story originally appeared on NBCNews.com read the full story
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