For the past few weeks, a possible ban on Congressmen trading stocks and other securities has been hitting the news headlines. While Pelosi made an infamous stance on the subject, numerous members of the Congress have instead chosen to inhibit themselves from trading. But today, let’s take a look at two of the US lawmakers who have yet to pick a side.
Collins Urges To Enforce Existing Laws
Senator Susan Collins (R-ME) opinions on the matter were stated in a report, where she said that the laws surrounding Insider Trading need to strengthen their enforcement.
Collins assumed office January 3, 1997 and her term is scheduled to end on the same date in 2027. As per data on CapitolTrades, Collins has traded majorly in Municipal Securities and Corporate Bonds. Her last trade was the purchase of Municipal Securities from Federal Home Loan Banks under her husband’s name carried out on December 7, 2021. The value of this transaction was in the $15,001 to $50,000 range. Collins has also traded Securities from Maine State Housing Authority, State of Maine and Maine Health and Higher Educational Facilities Authority. As of yet, she has not sold these securities.
King Is Busy Reviewing
The aforementioned report also stated the opinions of another Senator from Maine who was elected as an Independent: Senator Angus King (-ME). King said of the matter: “Elected officials should take every possible step to uphold the immense faith the American public has placed in them.”
His trades have been listed as far as 2019, and he has dabbled in both Stock trading as well as Municipal Securities trading. His last trades, and only trades of 2021, were the purchases of stock from Adobe Inc (ADBE:US) and Thermo Fisher Scientific Inc (TMO:US) on June 24, 2021, at a price of $578.26 and $495.36 respectively. The price of $TMO has risen by 14.6% since then. So far, King is still holding.
In addition to these, King also sold Municipal Securities worth around $15,001 - $50,000 from Maine State Housing Authority on June 10, 2021. All these three trades were disclosed on July 29, 2021.
Two days ago on Janaury 24, 2022, Rep. Jared Golden (D-ME) drafted a letter with Speaker Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA) as the recipients. The letter’s subject matter was regarding the recent debate on banning US lawmakers from trading overall. It further added that the STOCK Act, pulled into action nearly ten years ago, was not sufficient.
Little can be said about how a ban would affect the US Congress, as well as the Public’s perception of them. But the topic is generating heat with every passing day.