Senators launch cross-party effort to end stock trading by lawmakers

Senators Kirsten Gillibrand and Ashley Moody plan to introduce legislation that would bar members of Congress and their immediate family from buying or owning individual stocks, joining several House proposals on the issue.

Two senators from opposite parties are renewing an effort to bar members of Congress from trading individual stocks. Democratic Sen. Kirsten Gillibrand of New York and Republican Sen. Ashley Moody of Florida plan to introduce legislation that would also bar immediate family members from trading or owning individual stocks. The proposal adds to a range of bills in both the House and Senate aimed at limiting stock trading by lawmakers. Past efforts on the issue have repeatedly stalled amid differing approaches in Congress. Key facts: - Gillibrand and Moody plan to introduce a bill that would bar members of Congress and their immediate family from buying or owning individual stocks. - Their measure is described as similar to a House proposal by Reps. Chip Roy and Seth Magaziner that has 125 cosponsors. - House Republican leaders are advancing an alternative bill that would prohibit buying individual stocks but would not require divestiture of existing holdings and would require seven days' public notice before a sale. - Representative Anna Paulina Luna is pursuing a discharge petition in the House to force a vote on her stock trading bill and has 79 of the 218 signatures needed, the majority from Democrats. - Some House Democrats, including Rep. Alexandria Ocasio-Cortez and Rep. Seth Magaziner, have said they are disappointed with the Republican leadership bill. Summary: The move by Gillibrand and Moody adds bipartisan momentum to ongoing efforts to limit stock trading by lawmakers and highlights competing proposals in Congress. They plan to introduce their bill soon; prospects for passage and the legislative path forward are undetermined at this time.