Rep. Mark Alford, R-Mo., is joining the push to ban stock trading in Congress. (Getty Images)
Under the proposed legislation, lawmakers who continue to make wrongful transactions would be required to hand over any profits they made to the U.S. Treasury Department. The House or Senate ethics committees could also impose a fine on such lawmakers amounting to 10% of each wrongful transaction.
President Donald Trump himself endorsed banning trading for members of Congress in an interview with Time Magazine last month.
President Donald Trump has said he would sign a congressional ban on stock trading if it reaches his desk. (AP Photo/Alex Brandon)
"I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it," he said of a trading ban.
"You'll sign it?" the reporter pressed.
"Absolutely," Trump responded.
CLICK HERE TO GET THE FOX NEWS APP
Democrats in the House of Representatives have also expressed support for a ban, with House Minority Leader Hakeem Jeffries throwing his weight behind the proposal last week.
Anders Hagstrom is a reporter with Fox News Digital covering national politics and major breaking news events. Send tips to Anders.Hagstrom@Fox.com, or on Twitter: @Hagstrom_Anders.
https://www.foxnews.com/politics/house-republicans-take-one-step-closer-banning-congressional-stock-trading