In an unprecedented move, the hard right and the hard left of American politics are collaborating in proposing a bill that would ban US Congress members from trading or owning stocks.
The bill is being pushed by two main US Congress members. Republican Matt Gaetz and Democrat Alexandra Ocasio-Cortez (AOC). Rather surprising considering the current political climate both globally and in the United States. However, seeing both aisles of the political spectrum actually find common ground and collaborating should, ideally, send a message to those who do not believe that strides forward can be achieved. Unfortunately, considering that Congress has to pass this bill, it is unlikely that it will pass and become law. Reason is quite simple, those who do practice insider trading would be imposing a restriction on themselves. But this should not take away the credit that both Gaetz and AOC deserve. The division that has been seen politically in the west as of the last 7 years or so is deeply troubling. And seeing collaboration between stalwarts of both parties is a good sign.
Gaetz has been quoted saying he would “work with anyone and everyone to ensure that Congress is not so compromised” in a discussion with Fox News. The bill is proof that he is staying true to his word. I believe that this bill is a great move forward as it lessens the ability of politicians to perform what is called insider trading. And not only that, but politicians are supposed to be public servants. Their job is to serve the public and not to enrich themselves doing so. They get paid plenty just for their position, they do not need to invest in the stock market, nor is it fair, since they cheat the system. It is corrupt, dishonest, and often untransparent. Although some would argue that in a free market economy, everyone should be allowed to trade, I believe politicians should be the only exception. There must be some measures put in place that restrict politicians as they already have too much power and privilege.
It can also lead to conflicts of interest that those politicians do not disclose. An example of this type of trading is veteran Democrat politician Lois Frankel’s activities in the market of late. In her case, she sold stock of the First Republic bank 4 days before it collapsed and bought JPMorgan Chase stocks which are currently in the process of buying up all of First Republic’s assets.
In other words, it is great to see collaboration on such a scale and on such a litigious issue. Insider trading has been talked about for years but never has there been a bill like this proposed to oppose it, much less a bipartisan bill. I hope this bill helps the public wake up to the abuse of the system the politicians practice, even if it does not pass.
This article was written by an independent writer whose views are not associated with The Third Eye. The Third Eye strives to be the student’s voice, and that entails giving them a platform to voice their opinions.