Senator Tuberville among top Republicans in stock trading as bill looks to ban congressional trading

HUNTSVILLE, Ala. (WAFF) - It’s not often congressional lawmakers across party lines can all agree on something.

“If you want to day trade, leave Congress, it’s that simple,” Representative Roy Chip from Texas said.

17 Republicans and 58 Democrats have sponsored a bill to ban lawmakers in Congress, and their families, from trading stocks.

“I literally have to get attorneys involved to sell a dad gum skateboard, but if I want to do insider stock trading, just get elected to Congress,” Representative Tim Burchett from Tennessee said.

Financial Advisor, Jay McGowan from the Welch Group in Birmingham, says it’s pretty common knowledge that federal lawmakers are making millions in the stock market.

“Whether they’re doing anything wrong or not, these congressmen and women seem to be the world’s greatest investors,” McGowan said.

There are even apps and websites tracking the market moves lawmakers make based on public records. There’s even an X page dedicated to Former House Speaker Nancy Pelosi’s portfolio that’s traded over 164 million dollars.

You don’t have to look far from home to find success in the market. Senator Tommy Tuberville has reported more trades than 98% of Congress. His 1356 trades rank 5th among all Republicans.

Other lawmakers from our area come in far below Tuberville. Senator Katie Britt and Representative Robert Aderholt have both made three trades. Representative Dale Strong has made zero.

The bill’s sponsors say it’s about preventing insider trading, which is illegal.

“They’re always likely going to have quicker information than you and I, and everybody else watching,” McGowan said. “You’re getting an advantage over everybody else that’s in the marketplace.”

The bill, so bipartisan, Republican and Democratic leaders are sharing fist bumps and laughing while touting this bill.

“It is proof that things can work here,” Representative Alexandria Ocasio-Cortez said.

“When members of Congress decide what to vote on a bill they should be voting on what they think is best for the American people, not what is best for their investment account,” Democratic representative Seth Magaziner said.

The lawmakers say the top priority is making sure this bill gets to a vote.

WAFF has reached out to Senator Tommy Tuberville to get his thoughts on the legislation.

Click Here to Subscribe on YouTube: Watch the latest WAFF 48 news, sports & weather videos on our YouTube channel!