EXCLUSIVE: Khanna Says 'Shameful' Congress Members Profited From Stocks, Calls For Trading Ban: 'Making Money When The Rest Of The Country Was Suffering During The Pandemic'

Zinger Key Points
  • Calls to ban members of Congress from buying and selling stocks have not led to a vote.
  • A Congressman tells Benzinga he is pushing for a vote and thinks Congress members shouldn't be allowed to trade stocks.

A leading member of Congress is repeating calls to ban the act of buying and selling stocks and options by members of Congress.

What Happened: With ongoing debates about potential conflicts of interest in congressional trading, Representative Ro Khanna (D-Calif.) told Benzinga he will continue advocating for a congressional vote to ban the practice.

"We should have a vote on it," Khanna told Benzinga.

Khanna said that despite his continued speeches in the House advocating for a ban on stock trading, there is a “collective shrug” in Congress regarding the issue.

"It is shameful that over three years after the pandemic with the shenanigans from those senators who sold their stock after learning of the pandemic" there still hasn't been a vote, Khanna said.

Khanna said that people were outraged at the time when several senators sold their stocks in tourism and other sectors that would be hurt, knowing that the economy could crash from the COVID-19 pandemic.

"Senators making money when the rest of the country was suffering during the pandemic."

Khanna said he will keep pushing for a vote. "We need a vote on it."

Related Link: 10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)

Why It's Important: Members of Congress are currently allowed to buy and sell stocks and options as long as they properly disclose the transactions within 45 days.

Multiple transactions have been flagged by Benzinga and other outlets that point to potential conflicts of interest over the timing of the trades.

Several members of Congress bought and sold defense and oil stocks around the beginning of the invasion of Ukraine by Russia. Members of Congress later voted on funding to help Ukraine, which included the country buying weapons.

On May 1, Khanna shared a video on social media of him on the House floor calling for a vote to ban stock trading by members of Congress.

"Don't come to Congress if you want to make a profit," Khanna said in the video.

Benzinga recently shared that Khanna disclosed several stock transactions in a filing.

“Thanks for engaging and happy to chat. My wife and I do not trade and those disclosures are part of a diversified trust managed by a third party like an index fund," Khanna shared on X of the filing.

Benzinga will continue to share Congressional trading activity of note. For more on Congress trades, check out Benzinga's Government Trades page.

Read Next: Nancy Pelosi’s Nvidia Payday: Cashed In Big, But Missed Out By Selling Early

Photo: Phil Pasquini/Shutterstock

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Posted In: PoliticsTop StoriesExclusivesCongressCongress tradingCOVID-19 PandemicRo KhannaStories That Matter
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