A Georgia senator is looking to introduce legislation that would ban members of Congress from holding or trading individual stocks while they are serving, according to a report.
According to Fox Business, first-term Senator Jon Ossoff is behind the ethics bill and hopes to file it as soon as he gets a cosponsor from a Republican in the Senate.
The bill would also look at conflicts of interest, making it illegal for lawmakers' spouses and family members to trade stocks while in office, according to Fox.
The legislation may also require lawmakers to put their financial assets into a blind trust when elected. Ossoff did this just months after he was elected in January 2021.
As of late 2020, Ossoff's blind trust contributed to a net worth of somewhere between $2 million and $7.3 million.
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Just a few weeks ago, House Speaker Nancy Pelosi was asked what she thought about elected officials not being allowed to purchase stock.
During her news conference, she defended the practice, despite many saying that lawmakers could possibly profit off inside information learned through official duties.
"We are a free market economy. They should be able to participate in that," Pelosi told reporters on Dec. 15.
While the speaker does not own any stock herself, her husband has tens of millions of dollars worth of stock in Apple, Disney, Amazon, and Google. Pelosi has said in the past she has no knowledge or involvement in her husband's trade decisions.
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Currently, lawmakers' spouses can trade in companies or industries that their partners may help regulate.
However, the STOCK Act passed in 2012 made it illegal for members of Congress and their families to profit from inside information, requiring lawmakers to report any stock that they trade to Congress within 45 days.
Pelosi spoke about that in December, saying that "We have a responsibility to report. If people aren't reporting, they should be."
According to a personal financial disclosure from 2018, Pelosi is worth an estimated $114 million, making her the sixth-richest member of the House and 10th wealthiest member of Congress, Fox reported.
As for the bill passing, there has not been much from Senate Republicans on whether or not they would back such a bill. But, House Rep. Chip Roy and Michael Cloud of Texas have voiced their support for the idea.
