A bill that Congress might be embarrassed enough to pass is finally here.
By Russell Berman, The Atlantic
In secret meetings two years ago this month, members of Congress were briefed on what the rest of America would soon learn: A deadly virus was spreading rapidly overseas and headed for the United States. Some lawmakers acted immediately—not in the public’s interest, but in their own. They sold stocks weeks before markets crashed, when the scale of the threat posed by the novel coronavirus became broadly known. A global pandemic was unfolding, and these lawmakers were fretting as much about the health of their financial portfolios as about the health of their constituents.

Congress thought it had already fixed what looked alarmingly like insider trading by its members. In 2012, lawmakers overwhelmingly voted to enact a bill known as the STOCK Act, banning themselves from using information they learned on the job for personal financial benefit. The law required sitting members—along with their staff and public officials in other branches of the government—to make more specific and timely disclosures about their financial transactions. Although the law helped the public spot conflicts of interest, it was unable to prevent them. “Members hear all kinds of news that essentially may amount to insider trading, but it’s almost impossible to enforce insider trading and to prove what happened when,” Senator Jeff Merkley of Oregon, a Democrat who has been pushing for years to restrict stock trading by members of Congress, told me.
The Justice Department investigated several senators for their 2020 stock dumps but filed no charges. The allegations of pandemic profiteering did, however, have major political repercussions and helped Democrats win their narrow Senate majority last year. Among those who found their transactions under federal scrutiny were both Republican senators from Georgia, David Perdue and Kelly Loeffler (they both denied any wrongdoing), who lost in special elections last January. The Democrat who defeated Perdue, Senator Jon Ossoff, is now leading a new push to ban members from trading individual stocks altogether.
Recent Posts
Watch This New Hollywood Movie About Gaza
May 30, 2025
Take Action Now At 178 at the time of publication — and now higher — the count of journalists and media workers killed by the Israeli…
Israel Is Losing Americans’ Support. Will Democrats Take Notice?
May 29, 2025
Take Action Now New polls show broad opposition to Israel’s genocide — and that Democrats’ intransigence on Gaza greatly reduced turnout…
Ukrainians Need (And Want) An End To War
May 28, 2025
Take Action Now It would be tragic to give up on negotiations now.By RJ Eskow, The Zero Hour Report Donald Trump’s expressed exasperation over…
Cuomo Hopes Phony Antisemitism Charges Can Beat Zohran Mamdani
May 28, 2025
Take Action Now Zohran Mamdani is closing the gap with Andrew Cuomo.By Theodore Hamm, Drop Site In the summer of 2024, Andrew Cuomo announced the…