A study revealed an overwhelming majority of Americans support barring lawmakers from stock market trading.
Data for Progress’s latest poll found 67% of respondents agree that Congress members should be banned from trading shares.
From the sample audience of 1,266 likely voters, 43% strongly supported new legislation prohibiting representatives and senior congressional staff from buying and selling individual stocks. A further 24% were “somewhat supportive.”
“[Support] increases to 74% when respondents are given arguments in favor and against the idea,” Business Insider politics fellow Bryan Metzger reported.
Arguments for the ban include lawmaker access to non-public information and instilling public trust. The impact on retirement accounts was one perceived negative effect.
“Most lawmakers follow rules around trading. Support then jumped to 74% while just 19% said they would oppose such a bill,” Metzger said.
House Speaker Nancy Pelosi (D-Calif.) previously urged the House Administration Committee to introduce more substantial penalties for members and senior staff who violate the Stop Trading on Congressional Knowledge (STOCK) Act.
According to the publication, at least 12 lawmakers and 182 congressional staff members have violated the STOCK Act.
The respondents’ political affiliations were primarily independent (or third-party survey takers), Democrat, and Republican.
The poll reported an error margin of plus or minus three percentage points.