WASHINGTON — President Joe Biden has shown his support for prohibiting lawmakers from trading stocks while in office, a topic that has sparked discussion in Congress for several years. In an interview set to be released this week, Biden stated, “Nobody in Congress should be able to make money in the stock market while they’re in Congress.”
The interview, conducted by Faiz Shakir, an advisor to Senator Bernie Sanders, will be published by A More Perfect Union, an organization focused on labor advocacy and journalism. A video of the conversation has been viewed prior to its official release.
With just a month left in his term, the potential impact of Biden’s comments remains uncertain. During his discussion with Shakir, Biden reflected on his economic initiatives, which include his support for unions, investments in renewable energy projects, and efforts in infrastructure development. However, the topic of congressional stock trading emerged as a point of significant public frustration.
Recent events, such as lawmakers engaging in stock transactions worth millions shortly before the onset of the coronavirus pandemic, have intensified scrutiny over the practice. A bipartisan bill aimed at prohibiting stock trades by members of Congress and their immediate families has garnered substantial support but has yet to be brought to a vote.
While lawmakers must report stock transactions exceeding $1,000, these disclosures are often delayed or sometimes not completed at all. Shakir praised Biden for refraining from capitalizing on lucrative stock options during his lengthy career as a U.S. senator from Delaware. In response, Biden noted that he depended solely on his congressional salary and did not delve into stock trading.
“I don’t know how you look your constituents in the eye and know that the position they entrusted you with provides an unfair advantage to earn additional income,” he remarked. “I think we need to revise the relevant laws.” Although Biden has previously avoided taking a strong stance on this issue, past White House press secretary Jen Psaki indicated two years ago that Biden would allow congressional leaders and members to determine the appropriate rules surrounding stock trading.
