An Iowan lawmaker has introduced a piece of legislation that would ban stock trading for members of the US Congress. 

Congressman for Iowa’s Third District Zach Nunn has introduced a bipartisan bill with Arizona Representative Greg Stanton that would eliminate members of congress and their spouses from holding or trading individual stocks. Nunn says this bill is in response to 78 Members of Congress violating the STOCK Act, which requires a public disclosure of trades within 45 days.  

“Republicans and Democrats, who sat on sensitive committees, had information that potentially helped them become very independently wealthy based on the actions they took directly being briefed. We wouldn’t allow this in Wall Street. We wouldn’t allow this in the Iowa State House. We certainly should not allow it in Congress.”’

Nunn says that approximately 20-percent of Members of Congress are buying and selling stocks and a poll showed 75-percent of Americans support banning individual stock trading for lawmakers. He says under this legislation, elected officials will face a civil fine of $50,000 for trading stocks.