Ashley Hinson Backs “Watered-Down” Stock Trading Ban Characterized by Nonpartisan Watchdog Groups as “Riddled with Loopholes”
Her Performative Vote Conveniently Would Not Apply to Her $5M Holdings
Project on Government Oversight: Stop Insider Trading Act is a “Paper Tiger […] Riddled with Loopholes”
CNBC: Stop Insider Trading Act is “Essentially a Watered-Down Version of Previous Efforts to Ban Insider Trading Among Lawmakers”
DES MOINES – Ashley Hinson just voted to pass a “watered–down” and “spineless” congressional stock trading ban that “does nothing to ban the ownership of existing assets,” allowing Hinson to maintain her massive private stock portfolio worth up to $5 million.
The Stop Insider Trading Act is a partisan bill that would allow members of Congress – including Hinson herself – to keep all individual stocks they already owned and use dividends to buy more shares of stocks they already own.
As a reminder: Hinson’s vote comes just weeks after she “got caught in a lie claiming she had sold all individual stocks.”
Last year, Hinson refused to support a bipartisan congressional effort to pass the End Congressional Stock Trading Act, a more robust bill that would prohibit stock trading and ownership – and unlike the Stop Insider Trading Act members of Congress would have to completely divest from their existing stock holdings.
“Ashley Hinson is backing what experts agree to be a ‘watered-down,’ ‘spineless,’ and ‘cynical’ stock trading ban that protects her massive portfolio worth up to $5 million,” said Iowa Democratic Party spokesperson Drew Myers. “Last year, she refused to join a bipartisan effort in Congress to actually rein in corruption in Washington. Iowans will see her vote today for what it is: a performative action that allows her to continue enriching herself in office at the expense of Iowans.”
Learn More About the “Cynical” Congressional Stock Trading Ban That Wouldn’t Even Affect Ashley Hinson’s Massive Stock Portfolio:
- Ashley Hinson’s up to $5 million in privately held stock would not be touched by the Stop Insider Trading Act.
- Hinson quietly holds up to $5 million in private stock, which has helped her increase her net worth up to ten times since she was sworn into office.
- The Stop Insider Trading Act “does nothing to ban the ownership of existing assets,” allowing her to maintain her portfolio “while voting on federal policies that can directly impact” the company whose stock she holds.
- Nonpartisan government ethics watchdog groups oppose the Stop Insider Trading Act because of its weak enforcement mechanisms.
- The Campaign Legal Center has said the Stop Insider Trading Act “would not actually ban lawmakers from trading stocks or stop members from unduly profiting from their official positions.”
- The Project on Government Oversight has called the Stop Insider Trading Act a “paper tiger […] riddled with loopholes.”
- The Center for Responsibility and Ethics in Washington said the Stop Insider Trading Act is a “farce that maintains the status quo and provides members of Congress with loopholes so that they can continue to enrich themselves.”
- Issue One called the Stop Insider Trading Act a “cynical ploy designed to capitalize on a popular issue without offering a substantive fix.”
- The Stop Insider Trading Act has repeatedly been referred to as a “watered-down” congressional stock trading ban – even by Republicans.
- New York Times: “House Republicans on Wednesday advanced a watered-down bill that would impose some restrictions on lawmakers who trade stock”
- CNBC: Stop Insider Trading Act “is essentially, a watered-down version of previous efforts to ban insider trading among lawmakers.”
- Roll Call: House Republican Tom Burchett said “he’s still conflicted about how to vote on what he sees as a watered-down version.”
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