Elizabeth Warren brings back push to ban lawmakers from stock trading as Georgia's two senators shrug off attacks on their campaigns during a runoff election
Senator Warren interviewed the head of the Consumer Financial Protection Bureau in 2014. Chip Somodevilla / Getty Images
Senator Elizabeth Warren is reintroducing legislation to ban lawmakers from stock trading.
This is because the two senators will be scrutinized in the runoff elections in Georgia over allegations of insider trading.
Warren's proposal is part of a larger anti-corruption law that she first proposed when she ran for president.
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Senator Elizabeth Warren launches bill to prevent lawmakers from doing individual stock deals as Georgia Senators David Perdue and Kelly Loeffler shake off criticism of buying and selling stocks in office, Politico reported.
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Perdue and Loeffler are both trapped in the Georgia Senate runoff.
The U.S. Department of Justice opened an investigation into Loeffler after she sold multi-million dollar stocks in January when she received a private briefing on the novel coronavirus from health officials. The multimillionaire Loeffler is also married to the chairman of the New York Stock Exchange.
The investigation did not lead to charges, but Loeffler has avoided answering questions about whether or not US Senators are allowed to trade stocks while they are still in office, and has recently labeled questions in their trading as "left media lie" and a " Conspiracy."
"Look, what's at stake here in this election is the American Dream," she said during a debate earlier this month. "This is an attack on every single Georgian who gets up every day to work hard and make a better life for his family."
Similarly, Perdue was scrutinized for buying shares in a personal protective equipment company in January, the day it received a classified Senate briefing on the coronavirus. A US Department of Justice investigation has also been dropped without charge.
Additionally, an analysis by the New York Times found that Perdue did 2,596 deals during his six-year tenure. That accounts for nearly a third of all Senatorial deals over the same period.
Loeffler is in a runoff race against the Democratic Rev. Raphael Warnock and Perdue faces the Democratic challenger Jon Ossoff.
Warren's proposed lawmaker ban on stock trading is a reintroduction that is part of a larger anti-corruption proposal she originally made during her presidential campaign. MEP Pramila Jayapal has presented an accompanying draft in the House of Representatives.
The proposal includes creating a lifetime ban on lobbying by former members of Congress, expanding federal rules on conflicts of interest, and banning lobbyists from raising funds for political candidates.
Lobbyists from companies that Perdue has bought and sold shares in have also raised funds on his behalf, including companies such as Amazon, JP Morgan Chase, Altria, Merck and Bank of America.
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