WASHINGTON (Reuters) - Members of the U.S. Congress, the president, vice president and senior executive branch officials and their relatives will be banned from trading stocks under bipartisan legislation introduced on Tuesday.
Democratic Senator Kirsten Gillibrand said in a brief hallway interview that she and Republican Senator Josh Hawley formally offered the "Ban Stock Trading for Government Officials Act" after unveiling details of the measure earlier this month.
It would build on the decade-old Stop Trading on Congressional Knowledge (STOCK) law that aims to combat insider trading by members of Congress and their employees.
The new bill would not make any exceptions for officials' trading in blind trusts and would impose penalties of varying degrees on members of Congress and executive branch officials.
Additional civil penalties could occur for cases that involve "substantial monetary value" or are "extraordinary in nature," according to a summary of the bill provided by the two senators.
It was unclear when the legislation might be considered in committee or whether it will advance to the full Senate for debate and votes anytime this year.
Also under the legislation, Washington officials would have to file reports whenever they receive grants, loans, contracts or other payments from the federal government, excluding salary compensation or tax refunds.
Penalties for failing to file transaction reports under the STOCK Act would also be increased to $500 from the current $200, according to the summary.
The summary made no mention of including U.S. Supreme Court justices under the stock trading ban.
Senate Democrats meanwhile are trying to advance legislation setting an ethics code for the U.S. Supreme Court, following media reports that some justices have not disclosed luxury trips and certain real estate transactions. Leading Republicans have opposed the measure arguing the high-court should police itself.