Unanimous Consent Request--S. Res. 784

Floor Speech

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Mr. OSSOFF. Mr. President, I don't know if you saw, but a study last year found that Members of Congress traded more than $600 million in stock, including stocks connected to committees upon which Members sit.

Members of Congress are playing the stock market, buying and selling shares in companies that Members of Congress directly regulate. Members of Congress have access to privileged and confidential and classified information. Members of Congress make decisions that send stock valuations up and down. And all the while, Members of Congress are playing the stock market.

We have made some progress in recent years to advance a ban on Member stock trading, but the bipartisan bill we passed successfully through a major committee just in the last year appears stalled. It seems that the Senate majority is intent on blocking legislation that would ban Members of Congress from trading stock.

But this is not a controversial issue among the American public. We could go to any town, any county in Georgia and ask anybody of either political party or no political party ``Should Members of Congress be playing the stock market while we make legislation?'' and overwhelmingly, the answer would be no.

The American people want Members of Congress to stop trading stocks. The American people are sick and tired of this corruption. In fact, this may be one of the most unifying issues in our deeply divided country.

So let's take action right now, today. We can pass this resolution. It is very simple. It says that starting on January 1 of the new year, no U.S. Senator can trade stocks or cryptocurrency. Those will be the rules of the Senate. I know there is a range of ideas about how to implement that.

Let's set this clock right now. Let's come together, Democrats and Republicans, and do what is right and pass this Senate rule that beginning in the new year, there will be no trading of stocks or crypto by U.S. Senators.

The time for debate and excuses and delay and obstruction must end. There will always be some reason not to do this. But the American people see through those excuses and demand action.

Let's pass this resolution and ban stock trading by U.S. Senators.

Res. 784, prohibiting Members of the U.S. Senate from buying or selling publicly traded stocks or cryptocurrency effective January 1, 2027; that the resolution be agreed to and the motion to reconsider be considered made and laid upon the table with no intervening action or debate.

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Mr. OSSOFF. Mr. President, I commend the Senator for having placed her portfolio in a blind trust. I am one of the few to have done the same. I think it is the right thing to do.

If we adopt this rule right now, which will ban stock trading by Senators effective the first day of the new year, we will have the time to finish the work of writing the legislation to implement this. But it is not going to happen unless we set this deadline for ourselves because there is always some reason that keeps being suggested not to do this. In fact, I offered this same language in the Rules Committee, and it was blocked on a party-line vote.

It is time to ban Senators from playing the stock market, period. If we adopt this rule today, we set for ourselves a deadline of January 1 to work out the details. But I assure my colleague--with regret--that if we do not set this deadline and adopt this rule today, there will always be more excuses and more delay, and the confidence of the American people in the integrity of this institution will continue to plummet.

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