President Joe Biden has expressed support for a ban on stock trading by members of the United States Congress.
This marks one of the first times the president has publicly addressed lawmakers' efforts to limit financial activities. Previous proposals to restrict stock trading have gained bipartisan backing in Congress.
His comments are part of a December 17 interview with the labor advocacy group More Perfect Union, scheduled for release in the next few days.
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During the discussion, Biden reportedly stated that "nobody in Congress should be able to make money in the stock market while they’re in Congress”.
President Biden noted that during his 36 years as a senator representing Delaware, he relied solely on his salary and avoided trading stocks. This personal practice reflects his view that financial independence from market investments is essential for public officials to maintain trust.
However, it remains unclear if Biden’s support extends to the US Supreme Court. Justices are currently allowed to trade stocks, though they face scrutiny over potential conflicts of interest if they do not recuse themselves from cases related to their holdings.
Although President Biden has not frequently spoken about cryptocurrencies, he issued an executive order in 2022 aimed at creating a regulatory framework for digital assets.
While President Biden advocates for financial transparency among US lawmakers, Brazil faces its own financial challenges. With the Brazilian real weakening and stablecoin use rising, Brazil's central bank has proposed restrictions on stablecoin transfers. How would these measures impact Brazilian crypto users? Read the full story.
