Sen. Alex Padilla (D-Calif.) is renewing his push to prohibit stock trading by members of Congress and the president after a video of President Donald Trump discussing his stock transactions reignited questions about potential conflicts of interest.
Padilla Demands Stock Trading Ban for Congress and President
Sharing a clip from Trump’s interview with CBS 60 Minutes on X, Padilla called for restrictions covering both lawmakers and the White House, writing, “We’re going to stop this. Ban stock trading for Congress AND THE PRESIDENT.”
In the clip, Trump was saying, “So it came out that I trade– traded, like, 40,000 stocks. So among the stocks would be, like, they’d have a tiny, little amount. It’s billions of dollars.”
According to a review of Trump’s annual financial disclosure, his investment advisers executed more than 21,000 securities transactions during his first year back in office.
His investment portfolio grew to at least $858 million, with holdings in approximately 1,600 companies.
The scale of the activity stands out against previous administrations. Former President Joe Biden, for instance, made just 13 stock trades throughout his presidency, according to ABC News.
The White House has maintained that Trump does not personally manage his investments and that independent financial advisers oversee his portfolio.
Congress’ Stock Trading Ban Efforts Stall
The debate over lawmakers’ stock trading has also faced legislative roadblocks.
In July, the House passed the Stop Insider Trading Act, which would prohibit members of Congress, their spouses and dependent children from purchasing individual stocks while allowing them to retain existing holdings and sell them with advance public disclosure. The legislation did not cover the president or vice president.
The Senate failed to advance the measure in September, with 53 senators voting in favor of proceeding and 47 against, short of the 60 votes required.
Democrats criticized the proposal for falling short of an outright trading ban and opposed Republican-backed voter ID provisions attached to the measure.
Padilla attempted twice in July to introduce bipartisan legislation covering lawmakers, their families, the president and the vice president. Republicans blocked both attempts.
Trump’s SpaceX, Defense Stock Investments Draw Attention
This year, Trump’s disclosures have also highlighted investments in companies with government ties.
He reported purchasing $1 million to $5 million in Space Exploration Technologies Corp. (NASDAQ:SPCX) bonds on Aug. 18, two days before signing a policy to expand U.S. commercial space-launch capacity.
He also disclosed buying $15,000 to $50,000 in Everforth Inc. (NYSE:EFOR) shares on June 4 and selling some in July. The defense contractor subsequently secured three government contracts worth a combined $293 million.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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