Scoop: Josh Hawley introducing his own stock ban bill – Axios

January 13, 2022
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Photo illustration: Sarah Grillo/Axios. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images
Sen. Josh Hawley (R-Mo.) plans to introduce his own bill to prevent members of Congress from trading stocks, while Sen. Jon Ossoff (D-Ga.) teams up with fellow Democrat Mark Kelly (D-Ariz.), Axios has learned.
Why it matters: This means there will be now be two similar bills to ban stock trades individually championed by two vastly different lawmakers—further complicating the effort to pass a stock trading ban this session.
Between the lines: This comes after talks between Ossoff and Hawley's offices fizzled out, and Ossoff had sought a Republican co-sponsor before partnering with Kelly.
Both bills would prevent sitting lawmakers and their spouses from trading stock, but there are some differences between the two proposals:
“Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating," Hawley said in a statement to Axios. "It’s time to stop turning a blind eye to Washington profiteering.”
The bottom line: A stock trading ban already faced long odds, despite widespread public support, in part due to House opposition from Speaker Pelosi. Today's developments make those odds even longer.
Earlier: Momentum builds to ban lawmakers from trading stocks
Illustration: Sarah Grillo/Axios
Some progressive Democrats and MAGA Republicans are uniting on a proposal to ban sitting lawmakers from trading individual stocks, although it's unlikely that leadership will bring the bill up for a vote.
Why it matters: Members of Congress have great power to move stock prices, and great financial incentives to do so.
When the Federal Reserve moves to raise or lower interest rates, it affects nearly every corner of the economy at once, not just one group or another. Fed leaders refer to their tools as blunt instruments.
Why it matters: But it's becoming clearer that the Fed does has surprisingly powerful effects on whether people historically more likely to be on the fringes of the job market, including Black Americans and those with less education, prosper.
Yasmen Almashan, a Syrian human rights campaigner, holds a photo of victims of the Assad regime outside a German courthouse. Photo: Bernd Lauter/AFP via Getty Images
A German court has sentenced a former Syrian intelligence officer to life in prison for crimes against humanity, making him the first person criminally convicted over the Assad regime's torture program.
Why it matters: Anwar Raslan, who fled Syria in 2012, was accused of overseeing a detention center that tortured over 4,000 people during the first year of Syrian unrest that eventually devolved into a devastating, decade-long civil war.

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