(UnitedVoice.com) – The novel coronavirus (COVID-19) has had quite the impact on Wall Street in recent months. The DOW seems to be bouncing up and down like a yo-yo, responding to the latest breaking news about the disease. A handful of Senators who had sensitive briefings on the potential impacts of the virus back in January decided to sell their stocks rather than ride the wave. Chairman of the Senate Intelligence Committee, Richard Burr (R-NC), has requested an ethics investigation into the Senators’ sale of stock — including his own.
In response to what may have been illegal insider trading, legislation introduced Monday could put a permanent hold on such activities. The Ban Conflicted Trading Act was put forth by Reps. Alexandria Ocasio-Cortez (D-NY), Joe Neguse (D-CO), and Raja Krishnamoorthi (D-IL). If passed, the measure would prevent members of Congress and their staff from trading stocks altogether while in office.
Following reports that senators used insider knowledge of the threat of the #coronavirus to sell their stocks, today @RepAOC, @JoeNeguse and I announced we’ll be introducing the Ban Conflicted Trading Act, which prohibits Members from abusing their positions for personal gain. pic.twitter.com/uL31ltSx5o
— Raja Krishnamoorthi (@CongressmanRaja) March 23, 2020
Regardless of whether the bill passes, if the senators are guilty of insider trading it is cause for concern. In a time when they should have been focused on protecting America from COVID-19, they were too busy trying to protect their wallets.
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