The groups' letter to congressional leaders points to 'routine and bipartisan failures' to comply with existing law.
by the husband of House Speaker Nancy Pelosi , as evidence current law isn't doing enough to promote transparency and accountability.
While some lawmakers, including Rep. Ro Khanna , have expressed support for a stock trading ban but said itNot extending the ban to spouses as well as dependent children"would undermine much of the purpose of the legislation and allow the conflicts of interest presented to remain.
The groups added that a stock trading ban needs to have teeth if it's to function as any sort of deterrent, meaning there must be a threat of"punishment or civil penalties" in case of violations. An additional key feature, according to the groups, is that the legislation must not have"an exclusive intent standard that would make enforcement of the legislation unworkable or unlikely."
The letter argues that"a standard requiring proof that a member 'knowingly' violated the act would make a very high bar for any enforcement and accountability for unethical conduct" and as such"would defeat the purpose of the legislation, as it would likely result in members believing that they can escape discipline and even potentially retain the benefits of trades made in violation of the law.
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