The invoice would ban members of Congress from buying and selling in weapons corporations like Lockheed Martin and Raytheon, in addition to in Amazon, Pfizer and 1000’s extra Division of Protection contractors.
Rep. Rashida Tlaib (D-Mich.) earlier this month launched laws that will ban members of Congress, their spouses, and their dependent youngsters from holding or buying and selling inventory in corporations which have contracted or in any other case transacted with the Division of Protection.
Below present legislation, members of Congress and their relations can put money into securities, together with within the shares of corporations they oversee, so long as they publicly disclose their holdings yearly and report transactions inside 45 days. The power for members of Congress to put money into protection and weapons could pose particularly robust conflicts of curiosity as corporations like Lockheed Martin and RTX (Raytheon) depend on authorities contracts funded by congressional appropriations for a big majority of their income.
“The American folks deserve representatives who vote in the most effective curiosity of our nation and our households, not their inventory portfolios,” mentioned Tlaib in a press release saying the invoice. “It’s shameful that a few of my colleagues are profiting financially after they vote to help wars and weapons manufacturing.”
The invoice, titled the Cease Politicians Benefiting from Battle Act, was filed on February 6 and has been referred to 4 Home committees. It has one co-sponsor–Rep. Cori Bush (D-Mo.). A number of non-governmental organizations have endorsed the invoice, together with Jewish Voice for Peace Motion, Public Citizen, and the Council on American-Islamic Relations.
In line with Capitol Trades, members of Congress made 96 transactions in protection shares final 12 months, together with eight purchases that had been made following the October 7 assault on Israel by Hamas. Extra protection inventory trades have been made for the reason that starting of the 12 months. Reps. Kevin Hern (R-Okla.) and Kathy Manning (D-N.C.) have purchased Lockheed Martin inventory, and Rep. Blake Moore (R-Utah) has bought RTX inventory and acquired Boeing inventory.
Tlaib’s laws would apply to a far broader swath of shares than simply these of corporations which might be recognized for promoting weapons and providers to the army. Hundreds of corporations in a variety of industries contract or have contracted with the Division of Protection, together with a few of the mostly held shares. For instance, Amazon, Google, and Microsoft, every of which have lately been among the many prime 5 mostly held shares by members of Congress, are presently executing a $9 billion contract with the Protection Division that was awarded to them in 2022. Pharmaceutical firm Pfizer, one other extensively owned inventory, was awarded a $3.2 billion contract with the Military in 2022 to supply COVID vaccines. Basic Electrical, one other well-liked inventory amongst lawmakers, sells the army providers associated to 5G expertise, in addition to plane engine {hardware} via its GE Aerospace division.
