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Congressional hearing questions whether current rules deter member stock trading; witnesses favor independent enforcement in principle
Summary
A member of Congress told a House Administration hearing that current rules fail to deter improper trading; two witnesses testified the law is inadequate, said self-policing has not worked and voiced conditional support for an independent enforcement body.
A member of Congress told a House Administration hearing on stock trading that current rules do not adequately deter lawmakers or staff from using office for private gain, and witnesses testified the enforcement regime is insufficient.
"As a member of Congress, we should be held to a higher standard of personal and professional behavior," the member said, arguing that the actions of the body affect public trust. The member also said members’ portfolios "regularly beat the S and P 500" and raised concern that some members leave office with…
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