Should Congress be banned from stock trading? The devil is in the details.
Ossoff has championed this issue in one form or another since first being elected to the Senate in 2020, and its current, bipartisan permutation, the Ending Trading and Holdings In Congressional Stocks (ETHICS) Act, reflects a principle with which I and a large majority of the American electorate agree. However, as former presidential candidate Ross Perot famously opined, 'the devil is in the details.'
By any reasoned standard, government officials profiting from the regulations and laws they help enact constitutes a serious ethical issue. The magnitude of this problem was revealed starkly last September, when it was reported that former Speaker Nancy Pelosi's (D-Calif.) husband sold 2,000 shares of Visa stock for $500,000 just weeks before the Justice Department sued the company's debit card business in a lawsuit many legal experts consider unjustified. The actions by Mr. Pelosi ignited increased public concern that officials may be using their positions, and the inside information they obtain as a result, to influence the market for their own benefit.
It is not just Pelosi's husband who appears to be a beneficiary of such maneuvering. The new Unusual Whales report shows that in 2024 one member of Congress gained an eye-popping 149 percent in stock trades — more than 124 percent greater than the S&P 500's 2024 benchmark. While this report highlights the significance of this potential conflict of interest problem, an outright ban on members trading stocks is not the appropriate remedy.
In 2012, Congress passed the STOCK Act, which bars lawmakers from trading on insider information. The Pelosi scandal, however, shows why that law needs strengthening. For example, the ban must apply to representatives' immediate family members as a way to close loopholes like the one by which Pelosi's husband profited so handsomely.
An outright stock trading ban for all members paints with too broad a brush and would be grossly unfair. Contrary to popular belief, not all members of Congress are extraordinarily wealthy. Members earn $174,000 annually, with those in leadership positions receiving slightly more. That is, of course, a comfortable salary, but it does not represent 'I don't need to invest' wealth, especially considering the high cost of living in the Washington, D.C. environs.
Broadly speaking, the stock market remains one of the best tools with which all Americans can build their financial futures, and public servants should not be excluded from participating in it. That said, reform is necessary to address the unresolved conflicts of interest that come with congressional stock trading.
Instead of outright banning members' stock trading, federal lawmakers should focus on improving the enforcement of the STOCK Act by strengthening its penalties — as low as $200 for a first-term violation. Such de minimus penalties may be why Business Insider's investigation of financial disclosures found that 57 members of Congress and at least 182 top Capitol Hill staffers were late in filing their stock trades as demanded by the STOCK Act in 2020 and 2021 alone.
Increasing the STOCK Act's penalties would go a long way toward improving members' compliance and rooting out corruption and insider trading.
Federal decisionmakers' proposals and lawsuits should also be subject to greater scrutiny from key congressional committees of jurisdiction — oversight that surely would help limit, if not stop actions that are either illegal or unjustly motivated by personal or political gain.
For example, if the House Judiciary Committee, on which I served during my eight years in Congress, had held the Justice Department's feet to the fire over its seemingly baseless Visa debit card lawsuit, and demanded that it explain the reasoning behind its actions (or inactions), then the lawsuit may not have ever been filed, and the appearance or reality of Congress profiteering from such overreach would have been avoided.
Finally, incoming Attorney General Pam Bondi can (and should) establish an independent ethics panel and task it with regularly examining the financial activities of federal officials and their families.
Through stronger enforcement of existing law, Congress can better address the root of the congressional stock trading problem without unduly constraining the financial freedom of its members.
Bob Barr currently serves as president of the National Rifle Association. He represented Georgia's 7th District in the U.S. House of Representatives from 1995 to 2003. He served as the United States Attorney in Atlanta from 1986 to 1990 and in the CIA in the 1970s. He now practices law in Atlanta and serves as head of Liberty Guard.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Chicago Tribune
6 minutes ago
- Chicago Tribune
It's Trump's economy now. The latest financial numbers offer some warning signs.
WASHINGTON — For all of President Donald Trump's promises of an economic 'golden age,' a spate of weak indicators this week told a potentially worrisome story as the impacts of his policies are coming into focus. Job gains are dwindling. Inflation is ticking upward. Growth has slowed compared with last year. More than six months into his term, Trump's blitz of tariff hikes and his new tax and spending bill have remodeled America's trading, manufacturing, energy and tax systems to his own liking. He's eager to take credit for any wins that might occur and is hunting for someone else to blame if the financial situation starts to totter. But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. When Friday's jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the monthly jobs figures. 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes,' Trump said on Truth Social, without offering evidence for his claim. 'The Economy is BOOMING.' It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return — or they may be a preview of even more disruption to come. Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carries significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. 'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' said Alex Conant, a Republican strategist at Firehouse Strategies. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.' The White House portrayed the blitz of trade frameworks leading up to Thursday's tariff announcement as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs — taxes paid on imports to the U.S. — will be most felt by many Americans in the form of higher prices, but to what extent remains uncertain. 'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by The Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, seeing the economy emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale – as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. The economic numbers over the past week show the difficulties that Trump might face if the numbers continue on their current path: 'The economy's just kind of slogging forward,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing.' Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christoper Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech last December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.'
Boston Globe
6 minutes ago
- Boston Globe
It's Trump's economy now. The latest financial numbers offer some warning signs.
But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up When Friday's jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the monthly jobs figures. Advertisement 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes,' Trump said on Truth Social, without offering evidence for his claim. 'The Economy is BOOMING.' It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return — or they may be a preview of even more disruption to come. Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carries significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. Advertisement 'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' said Alex Conant, a Republican strategist at Firehouse Strategies. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.' The White House portrayed the blitz of trade frameworks leading up to Thursday's tariff announcement as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs — taxes paid on imports to the U.S. — will be most felt by many Americans in the form of higher prices, but to what extent remains uncertain. 'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by The Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, seeing the economy emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. Advertisement 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale – as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. The economic numbers over the past week show the difficulties that Trump might face if the numbers continue on their current path: Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. Net hiring has plummeted over the past three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May — a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. Prices of heavily imported items, such as appliances, furniture, and toys and games, jumped from May to June. On Wednesday, a report on gross domestic product — the broadest measure of the U.S. economy — showed that it grew at an annual rate of less than 1.3% during the first half of the year, down sharply from 2.8% growth last year. 'The economy's just kind of slogging forward,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing.' Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christoper Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Advertisement Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech last December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.'
Yahoo
9 minutes ago
- Yahoo
The Oldest Boeing Passenger Jet In Active Service Has Been Flying For Over 45 Years
American aeronautical juggernaut Boeing has been a hot topic lately, though perhaps not for the best reasons. A couple of deadly 737 Max crashes in just five months spanning 2018 and 2019 has that effect, though. That's not to mention the infamous 2024 Alaska Airlines flight during which an emergency exit door plug ejected itself due to missing bolts. And now, Boeing's latest narrow-body products, the 737 Max 7 and Max 10, are struggling to get certified for use by the U.S. Federal Aviation Administration. That's forcing some customers like United Airlines to switch their orders to older 737 Max models instead. However, before the recent Max iterations became a thorn in Boeing's side, the 737 was widely regarded as a durable, reliable workhouse for commercial airline fleets. Since it first took to the skies in 1967, Boeing has delivered 12,134 of the popular jets as of June 2025. That makes the 737 the most-sold commercial jet ever, although Airbus' A320 family could steal that title in the very near future, even with the A320's mysterious barking noise. Based on our research, none of the very earliest Boeing 737 airframes from the late 1960s are still in mainstream passenger-carrying commercial service. However, the Venezuelan airline Venezolana still operates tail number YV3471 on regularly scheduled domestic routes. That 737-200 was built in 1978, which makes it over 45 years old. Read more: Call Me A Luddite, But These Modern Features Only Seem To Make Cars Worse It Was Almost Lost Forever Venezolana's most vintage Boeing 737 started life flying for Frontier Airlines, which is striking because the Frontier we know today has an all-Airbus fleet. However, the original Frontier Airlines filed for bankruptcy and was absorbed by Continental Airlines in 1986. The current Frontier Airlines that, like so many, charges fees for just about everything except using the lavatory (we shouldn't give them any ideas) was formed in 1994 and is related to the original airline in name only. In 1985, just before the original Frontier ceased to exist, it sold the 737 to United airlines, which flew it outfit until 2001. At that point, it seemed like the end of the line for the venerable jet, which is old enough to predate the signature flat-bottom engine casings designed to accommodate larger turbofans during the 1980s. The plane was stored in the California desert for a decade before Venezolana rescued it from obscurity and brought it back to service in 2011. According to a 2024 YouTube video from Noel Philips, an aviation fan who traveled on the jet, it's definitely beginning to show its age, with visible wear on the seats, windows, and overhead lights and air vents. While the interior could easily be refreshed, a lack of spare parts could spell the end of this survivor sooner than later. The 737-200 Can Land On Gravel As of May 2024, the three largest U.S.-based airlines — American, Delta, and United — had fleets with average ages between 13.4 and 16.3 years. By those standards, Venezolana's vintage Boeing 737 is ancient. It was the 512th of its type to be produced, and remarkably, there are older 737 airframes still in service. But they're in charter or cargo roles, which aren't technically regularly scheduled commercial flights. In particular, 13 out of the world's 30 oldest jets ply their trade in our neighbor to the north, Canada, and some are as old as 52 years. Air Inuit is a major charter operator of the vintage Boeing 727-200, mostly because it's well suited to landing on unimproved gravel runways in remote Canadian villages. Unlike other jet aircraft, the older 737 is able to be fitted with a special "gravel kit" to protect critical components from flying rocks. Three of Air Inuit's jets are divided internally to hold both passengers and freight. Similar to Air Inuit, Canada's Nolinor Aviation operates nine of the aging, fuel-thirsty 737-200 jets, sending them to remote mining operations. While the company acknowledges that propeller-driven aircraft are also an option, they're much slower than the Boeing jets. Boarding a jet aircraft that's older than you might make some passengers nervous — but then again, so does the latest whiz-bang 737 Max. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
