{"id":1272176,"date":"2023-05-05T16:10:09","date_gmt":"2023-05-05T20:10:09","guid":{"rendered":"https:\/\/bugaluu.com\/news\/aoc-and-matt-gaetz-team-up-to-ban-lawmakers-from-trading-stocks\/1272176\/"},"modified":"2023-05-05T16:10:09","modified_gmt":"2023-05-05T20:10:09","slug":"aoc-and-matt-gaetz-team-up-to-ban-lawmakers-from-trading-stocks","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/aoc-and-matt-gaetz-team-up-to-ban-lawmakers-from-trading-stocks\/1272176\/","title":{"rendered":"AOC And Matt Gaetz Team Up To Ban Lawmakers From Trading Stocks"},"content":{"rendered":"
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AOC And Matt Gaetz Team Up To Ban Lawmakers From Trading Stocks<\/span><\/p>\n

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Days before PacWest Bancorp tanked from the mid-20s to the mid $2 range in 48 hours, Rep. Dan Goldman (D-NY) – the Levi Strauss heir \/ Trump impeachment lead counsel-turned-lawmaker, sold his shares in the beleaguered bank.<\/p>\n<\/p>\n

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You just can’t make this up<\/p>\n

Rep. Dan Goldman (D) timed selling $PACW<\/a> perfectly<\/p>\n

He sold on 3\/6, avoiding the not only the initial drop in $PACW<\/a> but also the 50% drop after hours today<\/p>\n

And guess which district he represents? Wall Street pic.twitter.com\/8lObyctnnu<\/a><\/p>\n

\u2014 Nancy Pelosi Stock Tracker \u265f (@PelosiTracker_) May 3, 2023<\/a>\n<\/p><\/blockquote>\n

And while there’s no evidence that Goldman was trading on insider information, Goldman’s win is emblematic of so many others<\/strong><\/a> by lawmakers which seem to work out in their favor.<\/p>\n

To that end – Reps. Alexandria Ocasio-Cortez (D-NY) and Matt Gaetz (R-FL) have teamed up to co-sponsor a bill which bans members of Congress from trading stocks<\/strong>.<\/p>\n

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The Bipartisan Restoring Faith in Government Act<\/a> would ban members of Congress and their spouses and dependents from making financial investments. Also co-sponsoring the bill are Reps. Brian Fitzpatrick (R-PA) and Raja Krishnamoorthi (D-IL).<\/p>\n

“The ability to individually trade stock erodes the public\u2019s trust in government,<\/strong>” said Ocasio-Cortez. “When members have access to classified information, we should not be trading in the stock market on it. It\u2019s really that simple.”<\/p>\n

Meanwhile, Gaetz told Fox News<\/em> that “AOC is wrong a lot, she\u2019d probably say the same thing about me, but she\u2019s not corrupt and I will work with anyone and everyone to ensure that Congress is not so compromised.”<\/p>\n

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A 63% majority of registered voters said they support a ban on stock trading for members of Congress,<\/strong> according to 2022 Morning Consult poll<\/a>. That includes 69% of Democrats, 64% of independents and 58% of Republicans.<\/em><\/p>\n

At least 113 members of Congress or members of their families disclosed stock transactions in 2021 totaling $355 million, according to a report from Capitol Trades<\/a>, which tracks trading on Capitol Hill, and some but not all could be potential conflicts of interest based on lawmakers\u2019 committee assignments. The New York Times<\/a> found 18% of Congress sat on committees that \u201cpotentially gave them insight into the companies whose shares they reported buying or selling.\u201d –Deseret.com<\/a><\/em><\/p>\n<\/blockquote>\n

As Axios<\/em><\/a> notes;<\/p>\n