[Congressional Record Volume 172, Number 105 (Tuesday, June 23, 2026)]
[Senate]
[Pages S3043-S3044]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 UNANIMOUS CONSENT REQUEST--S. RES. 784

  Mr. OSSOFF. Mr. President, I don't know if you saw, but a study last 
year found that Members of Congress traded more than $600 million in 
stock, including stocks connected to committees upon which Members sit.
  Members of Congress are playing the stock market, buying and selling 
shares in companies that Members of Congress directly regulate. Members 
of Congress have access to privileged and confidential and classified 
information. Members of Congress make decisions that send stock 
valuations up and down. And all the while, Members of Congress are 
playing the stock market.
  We have made some progress in recent years to advance a ban on Member 
stock trading, but the bipartisan bill we passed successfully through a 
major committee just in the last year appears stalled. It seems that 
the Senate majority is intent on blocking legislation that would ban 
Members of Congress from trading stock.
  But this is not a controversial issue among the American public. We 
could go to any town, any county in Georgia and ask anybody of either 
political party or no political party ``Should Members of Congress be 
playing the stock market while we make legislation?'' and 
overwhelmingly, the answer would be no.
  The American people want Members of Congress to stop trading stocks. 
The American people are sick and tired of this corruption. In fact, 
this may be one of the most unifying issues in our deeply divided 
country.
  So let's take action right now, today. We can pass this resolution. 
It is very simple. It says that starting on January 1 of the new year, 
no U.S. Senator can trade stocks or cryptocurrency. Those will be the 
rules of the Senate. I know there is a range of ideas about how to 
implement that.
  Let's set this clock right now. Let's come together, Democrats and 
Republicans, and do what is right and pass this Senate rule that 
beginning in the new year, there will be no trading of stocks or crypto 
by U.S. Senators.
  The time for debate and excuses and delay and obstruction must end. 
There will always be some reason not to do this. But the American 
people see through those excuses and demand action.
  Let's pass this resolution and ban stock trading by U.S. Senators.
  I ask unanimous consent that the Senate proceed to the immediate 
consideration of S. Res. 784, prohibiting Members of the U.S. Senate 
from buying or selling publicly traded stocks or cryptocurrency 
effective January 1, 2027; that the resolution be agreed to and the 
motion to reconsider be considered made and laid upon the table with no 
intervening action or debate.
  The PRESIDING OFFICER. Is there an objection?
  The Senator from Wyoming.
  Ms. LUMMIS. Reserving the right to object, I will be completely 
unaffected by the bill the gentleman from Georgia is proposing because 
I won't be here next year, but I reserve the right to object because 
there are alternatives.
  For example, when I arrived here, I was placed on the Banking 
Committee, and the Banking Committee has issues that might conflict 
with my financial assets. So I put my meager--stress on ``meager''--
assets in a blind trust. That blind trust was approved by the Senate 
Ethics Committee. The specific language was approved by our own Senate 
Ethics Committee.
  I don't know whether the investments that I placed in that blind 
trust are still there. I don't know whether they sold some and traded 
them for better investments. I won't find out until next January when I 
leave here and get my assets out of the blind trust and see what is 
left.
  In other words, there are ways to avoid conflicts of interest in the 
committees on which we work.
  There are also many restrictions on what Members of Congress can do 
and not do while they are in office. For example, as a rancher in the 
West, half of my State is public land. I am not allowed by law to have 
a Bureau of Land Management grazing lease. It is an issue that very few 
people in the Senate have to deal with, but several of us do, and so we 
had to divest of that

[[Page S3044]]

while no one else has a similar restriction.
  Our Ethics Committee and our Rules Committee can ensure that Members 
comply. A blind trust is sufficient to ensure conflicts of interest are 
appropriately mitigated.
  Further, the House is currently working on the Stop Insider Trading 
Act, which is another vehicle to address concerns similar to the 
gentleman's from Georgia.
  So this issue is an important issue to bring up, but it should go 
through regular order so it can be thoroughly discussed.
  Another point with the bill under consideration at the moment is the 
language does not define cryptocurrency. So what is cryptocurrency? Are 
stablecoins used for payments included? Are nonfungible tokens 
included? So this language needs clarification.
  This should go through regular order. This should go through 
committee. It should be thoroughly vetted. The language should be 
clarified. For these reasons, I object.
  The PRESIDING OFFICER. The objection is heard.
  The Senator from Georgia.
  Mr. OSSOFF. Mr. President, I commend the Senator for having placed 
her portfolio in a blind trust. I am one of the few to have done the 
same. I think it is the right thing to do.
  If we adopt this rule right now, which will ban stock trading by 
Senators effective the first day of the new year, we will have the time 
to finish the work of writing the legislation to implement this. But it 
is not going to happen unless we set this deadline for ourselves 
because there is always some reason that keeps being suggested not to 
do this. In fact, I offered this same language in the Rules Committee, 
and it was blocked on a party-line vote.
  It is time to ban Senators from playing the stock market, period. If 
we adopt this rule today, we set for ourselves a deadline of January 1 
to work out the details. But I assure my colleague--with regret--that 
if we do not set this deadline and adopt this rule today, there will 
always be more excuses and more delay, and the confidence of the 
American people in the integrity of this institution will continue to 
plummet.
  I yield the floor.
  Mr. President, I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. CORNYN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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