Joe Biden Endorses Bill Banning Congress Members from Trading Stocks: ‘I Think We Should Be Changing the Law’

With one month left in his presidency, Joe Biden endorsed a ban on congressional stock trading, a controversial issue that has fueled public frustration with perceived conflicts of interest in Washington.

“Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” President Biden stated in an interview, conducted by Faiz Shakir, set to be released this week by A More Perfect Union.

“I was listed as the poorest man in the senate,” Biden said, reflecting on his 36 years as a Delaware senator, where he lived solely on his Senate salary without owning any stocks.

“I don’t know how you look your constituents in the eye, and know because the job they gave you, it gave you an inside track to make more money,” Biden continued.

Some lawmakers have been accused of profiting from insider information, particularly during crises like the COVID-19 pandemic, when certain members bought and sold millions of dollars in stocks after receiving classified briefings.

A bipartisan proposal to ban members of Congress and their families from trading stocks has garnered significant support, but has not come to a vote. While lawmakers are required to disclose stock transactions over $1,000, compliance with these rules is inconsistent, with some failing to report trades altogether.

Biden’s position marks a shift from previous White House statements. Two years ago, then-Press Secretary Jen Psaki indicated Biden would defer to congressional leaders on the matter. His new stance signals growing momentum for reform, though it remains unclear if his endorsement will spur legislative action with only a month left in his term.

“I think we should be changing the law,” Biden said, echoing the demands of many Americans who view congressional stock trading as a breach of public trust.

Originally published by Latin Times.