U.S. Senator Bill Cassidy (R-La.) called for a ban on members of Congress and their families trading individual stocks in an op-ed published April 9 in the Daily Wire. Cassidy promoted his Stop Insider Trading Act, which he said is needed to address conflicts of interest and restore public trust in Congress.
The issue of lawmakers trading stocks while having access to nonpublic information has drawn increased scrutiny from the public and policymakers. Cassidy said this practice erodes trust, noting that only 17% of Americans say they trust the government, according to a recent Pew Research study cited in his op-ed.
“In his State of the Union address, President Trump highlighted the need to ban members of Congress from trading individual stocks,” wrote Dr. Cassidy. He continued: “So, to join President Trump’s call to end this loophole that is eroding the trust of the American people, I introduced the Stop Insider Trading Act.”
Cassidy described specific cases where congressional stock trades raised concerns about conflicts of interest and noted strong public support for reform. “In fact, one poll by the Program for Public Consultation shows that 86% of people support banning stock-trading in individual companies by members of Congress,” he wrote.
The proposed legislation would prohibit members of Congress as well as their spouses and children from purchasing individual publicly traded stocks and require a seven-day public notice before any sales take place. Cassidy argued these measures are necessary so “public service is actually about serving the public, not getting ahead of it.” He concluded: “If you are a lawmaker, you should not be a day trader. That’s a good principle that most people agree on. Now, let’s make it a law.”
Cassidy serves as chair of the Senate Health, Education, Labor, and Pensions Committee and sits on several other committees including Finance; Energy and Natural Resources; and Veterans Affairs according to his official website. He co-founded the Greater Baton Rouge Community Clinic to deliver free health care services according to his official website.
Cassidy earned undergraduate and medical degrees from Louisiana State University according to his official website. Along with advancing initiatives related to health care costs reduction and coastal restoration according to his official website, he has focused on reforms aimed at improving mental health systems.
