U.S. Sen. Tommy Tuberville called a proposed ban on members of Congress trading stocks “ridiculous,” saying it would discourage some people from serving in Congress.
In an interview with The Independent, Tuberville said, “They might as well start sending robots up here…You can’t do anything.”
Legislators are allowed to trade even if policies they make through various committees they sit on, or information they learn by sitting on those committees, could affect their financial portfolios.
However, Tuberville said bans would restrict the pool of possible candidates.
“I think it would really cut back on the amount of people that would want to come up here and serve, I really do,” Tuberville added. “We don’t need that.”
According to Insider, Tuberville disclosed 132 stock trades weeks or months late, with transactions totaling at least $894,000.
The 2012 STOCK Act allows members of Congress to buy and sell stocks and other financial products provided they do not trade on inside information, and that they disclose any transactions valued at $1,000 or more by themselves or immediate family members within 45 days.
Several competing bills before Congress would require members, their spouses and dependents to either divest their financial holdings or set up a blind trust.
Some Republicans, such as Sens. Josh Hawley of Missouri and Ben Sasse of Nebraska, have each introduced bills to ban lawmakers from stock trading, while Sen. Minority Leader Mitch McConnell said he’d be open to considering a ban.
House Speaker Nancy Pelosi has also voiced support. Pelosi’s venture capitalist husband, Paul Pelosi, made multi-million-dollar stock trades involving Big Tech companies targeted with a congressional antitrust bill.
Investments made by the Pelosis, who are multi-millionaires, attracted attention in investing circles online. Pelosi initially rebuffed those calls, but later softened her stance.
