Biden will let members of Congress decide whether to trade shares, says Psaki

President Biden “will let members of Congress” determine whether they should be allowed to trade stocks, amid scrutiny of lawmakers’ financial dealings, White House press secretary Jen Psaki said on Tuesday.

At the White House press conference on Tuesday, PSAki was asked if the president thinks members of Congress and their wives should be banned from stock trading.

Biden is barred from trading stocks while he is president.

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Press Secretary Jen Psaki speaks during the daily White House briefing on July 20, 2021. (Chen Mengtong/China News Service via Getty Images/Getty Images)

“The president didn’t trade individual stocks when he was a senator,” Psaki said. “That’s how we approach it. We also believe that everyone should be held to the highest standard.”

She added, “But he will let members of the leadership of Congress and members of Congress determine what the rules should be.”

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The questions come as House Speaker Nancy Pelosi, D-California, has come under fire from both sides of the aisle for saying members of Congress and their spouses should be allowed to trade stocks as part of a “free market economy”.

House Speaker Nancy Pelosi

Speaker of the House Nancy Pelosi during a news conference at Union Station on Martin Luther King Jr. Day, Jan. 17, 2022, in Washington. (Samuel Corum/Getty Images/Getty Images)

Two separate bills banning stock trading by members of Congress and their spouses were introduced in the Senate last week. Sen. Josh Hawley, R-Mo., and Sen. Jon Ossoff, D-Ga., introduced different versions of similar legislation.

Hawley’s version is titled “Congressional Insider Trading Prohibition Act“, and that of Ossoff is called the “Congressional Stock Trading Prohibition Act.”

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Missouri Sen. Josh Hawley

Senator Josh Hawley speaks with reporters as he leaves the Senate floor on Capitol Hill on December 7, 2021. (Bill Clark/CQ-Roll Call, Inc via Getty Images/Getty Images)

Spouses of lawmakers are currently allowed to trade in businesses or industries that their partner can help regulate. But under the STOCK Act, which was passed in 2012, members of Congress and their families are prohibited from profiting from inside information, and lawmakers are also required to report stock trades to Congress within 45 days. .

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The push to ban Congress from trading stocks has met with bipartisan support in both chambers. Similar legislation was introduced in the House of Representatives.

Jon Brown of FOX Business contributed to this report.

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