The ETHICS Act would not only ban lawmakers, their spouses and dependent children from trading single stocks, it would also create a searchable, electronic database of their holdings and impose large penalties for any violations.
Last year, the S&P 500 fell 18%, but you wouldn’t know it from looking at the portfolios of US lawmakers. Overall holdings by members of the US Congress outperformed the S&P 500 by about 17.5% on average in 2022, according to Subversive Capital, a company that creates ETFs which track stock trading by senators and representatives. Some Democratic Senators think that divergence could have an unethical slant to it.
If you’re in violation of the selling, buying or holding provisions of this law in any given month, the penalty is a month’s salary, or 10% of the amount of stocks that were traded or held. And that is a huge amount. If this bill were to pass, would some members forego reelection? The provision for lawmakers buying stock goes into effect immediately. The provision for not selling goes into effect after 90 days, so they can sell their portfolio.
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