During a discussion with Faiz Shakir, a political advisor and founder of More Perfect Union, Biden criticized the ability of Congress members to use insider information for personal gain.

Proposal of Bipartisan Legislation

A bipartisan group earlier introduced a bill prohibiting stock trading by high-ranking federal officials, including the president, vice president, and members of Congress.

This legislation mandates that these officials divest from their holdings within 90 days after the law is enacted. By 2027, the restriction would also apply to their spouses and dependent children.

Rising Concerns Over Insider Trading

The initiative gains momentum amid increased scrutiny over officials' stock trades, highlighted by a Pulitzer Prize-winning report from The Wall Street Journal on regulatory officials trading stocks of the companies they oversee.

Biden underscored his integrity by mentioning that he did not own stocks while serving as a senator, a point Shakir emphasized to illustrate Biden's commitment to ethical practices.

President's Stance on Ethical Governance

Biden was clear in his disdain for Congress members profiting from their positions: “I don’t know how you look your constituents in the eye and know because the job they gave you, it gave you the inside track to make more money,” he commented.

He strongly advocated for change, saying, “I think we should be changing the law … that nobody in the Congress should be able to make money in the stock market while they’re in Congress.”

Broader Calls for Ethical Reform

The push for this legislation reflects a broader desire for transparency and accountability in government roles.

If enacted, the law would be a significant step toward restoring public trust in federal governance, ensuring officials cannot exploit their positions for personal financial gain.

Impact and Public Perception

The public and political reaction to Biden's support has been varied, with many welcoming the push towards higher ethical standards and others adopting a wait-and-see approach regarding the bill's passage.

The ongoing debate about stock trading by lawmakers underscores the need for clear regulations to prevent conflicts of interest and maintain public confidence in government operations.