All posts tagged "wall street"

These powerful Americans yawned when Trump threatened to cancel midterms

The lack of market reaction to the news that Donald Trump ordered his Justice Department to investigate criminal charges against Fed Chair Jerome Powell surprises many people. After all, everyone knows that the claims about cost overruns being the basis for the investigation are nonsense. Trump wants to threaten Powell with criminal charges because he ignored Trump’s demand that he lower interest rates.

This ordinarily would be seen as a very big deal. Ever since Richard Nixon, presidents have been reluctant to be seen as pressuring the Fed. In fact, their concern about this issue often seemed absurd to my view. President Joe Biden didn’t want his Council of Economic Advisors to even comment on interest rate policy, as though giving a view based on the economic data would be undue pressure.

But there is a big difference between presenting an economic argument and threatening to imprison a Fed chair who disagrees. And we now see which side Trump comes down on.

But apparently, the markets are just fine with this new threat. The major stock indexes all rose on Monday, although bond prices fell slightly, pushing long-term rates higher. The dollar also fell modestly.

The non-reaction of the stock markets might seem surprising. After all, the independent Fed is considered a sacred feature of US prosperity. There is no shortage of economists who will insist that a Fed that is subordinate to the whims of a president is a quick route to double-digit or even triple-digit inflation. (I’m more agnostic on this one, but the markets generally don’t listen to me.)

Anyhow, Trump is now not just looking to fire an insubordinate Fed chair, he’s looking to throw him in prison. And the markets just yawned.

This reaction should cause us to start asking how the markets might react if Trump just cancels or outright steals the 2026 elections to keep his lackeys in control of Congress. Under any other modern president, the fear of a cancelled or stolen election would be silly. While they might have used dubious tactics leading up to an election, we could be comfortable that the votes would be counted, and the outcome would be binding. (Florida in 2000 is a major exception.) No one ever suggested that an election would be cancelled.

But Trump has made it clear that he considers both cancellation and ordering that some votes not be counted as serious options in his recent New York Times interview. No one can be safe in assuming that we will have a normal democratic election this year.

Given this reality, we might want to speculate on how the markets would react if Trump decides to end American democracy. We now know that most of the big money boys couldn’t care less about democracy. Jeff Bezos, Mark Zuckerberg, and Tim Cook have been happy to cozy up to Trump in Mar-a-Lago, even as he violates one democratic norm after another. Elon Musk has made it clear that he has contempt for democracy, insofar as it means allowing non-white people to vote.

This gang would obviously have no moral issues with a cancelled or stolen election. But what about the economics?

Trump has already made it clear that he will favor businesses whose leaders praise him and punish those who criticize him. His most recent effort in this direction was saying that he intended to ban ExxonMobil from access to Venezuelan oil because its CEO said what every oil analyst has said since Trump became president of that country: it will be difficult for companies to profitably invest there.

The economies of countries where the leader can reward or punish companies on a whim tend not to do very well. The courts have provided a limited check on Trump’s whims, as has even this pathetic Congress. However, if Trump is deciding who serves in Congress, the checks will be gone. We will have full-rule by our demented 79-year-old president.

Perhaps markets will be fine with that. With enough rear-end licking, some companies may still do fine, but it would seem that, on the straight economics, most people with money would probably prefer to invest in a serious country. Let’s hope we don’t have to find out.

Dean Baker is the co-founder and the senior economist of the Center for Economic and Policy Research (CEPR). He is the author of several books, including "Getting Back to Full Employment: A Better bargain for Working People," "The End of Loser Liberalism: Making Markets Progressive," "The United States Since 1980," "Social Security: The Phony Crisis" (with Mark Weisbrot), and "The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer." He also has a blog, "Beat the Press," where he discusses the media's coverage of economic issues.

This was a multi-billion dollar disaster — and Trump is set to do it again

Get ready. Something truly awful may be happening to our economy — at least for average Americans — as the result of Trump’s billions in tax breaks for billionaires, looting of our treasury and economy, $38 trillion national debt, and his corrupt embrace and promotion of foreign autocracies and digital currencies.

If it happens, it’s going to hurt many of us, all while making Trump’s billionaire buddies massively richer.

I remember the look on Treasury Secretary Hank Paulson’s face when the economy crashed in 2008. The former Goldman Sachs CEO’s hands trembled as he stood at a podium and confessed that the GOP’s banking deregulation had blown up the American financial system and very nearly the global economy.

Millions of Americans lost their homes, their jobs, and their retirements that year, but the barons of Wall Street lost nothing — except a brief moment of embarrassment — and then paid themselves tens of billions in bonuses.

About $430 billion was initially shoveled out the federal door and into the banks in just one month. And, tragically, both Bush and Obama decided that not one top donor executive should go to prison, and not even one major bank was broken up.

We coughed up $430 billion to make them whole. And now, it appears, the banksters are at it again.

According to a new report from Lever News, over the past few months the Federal Reserve has quietly extended more than $420 billion in emergency support to Wall Street’s biggest banks in near-silence, with minimal scrutiny, and no serious conditions attached.

This isn’t an accident: it’s the predictable end point of a system that punishes working people for falling behind and rewards billionaires for their political connections.

As headlines today warn of layoffs spreading through U.S. manufacturing (100,000 job losses since Trump took office) and the Federal Reserve is quietly extending hundreds of billions of dollars in emergency support to Wall Street, it’s worth remembering a sobering but basic rule of history: when economies break, the rich make out like bandits.

That’s because recessions are basically shopping sprees for people like Trump and the 13 billionaires in his cabinet.

When Wall Street banks crashed the American economy in 2008, home prices (and, thus, homeowner equity) collapsed by 21 percent. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.

The stock market plummeted by over 50 percent in the last year of Bush’s presidency. On Oct. 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.

While millions of Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as one of the finest buying opportunities of the new century.

Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.

But the morbidly rich were doing great.

Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery finally began under Obama, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.

As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.

Then they did it again 10 years later!

The Trump/Covid Crash of 2020, “mismanaged” in a way to create maximum pain for working people, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.

The market collapsed under Republicans and Trump, and working people, now out of work, were again selling their stocks at a loss just to pay the mortgage and buy food. But for the wealthy, it was a gift from God.

March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2008!

Fewer than three months later, on June 4, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.

And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).

Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27 percent in that one year alone.

American billionaires’ real taxes have fallen by 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion is safely squirreled away in tax-fraud offshore shelters, about the same amount as their tax avoidance has left us as a national debt.

Which is why average Americans should stop pretending that downturns are random acts of God. They’re predictable outcomes of Republican policy choices that get repeated over and over again — 10 of the last 11 recessions happened when a Republican was president — and this one is being engineered in plain sight.

Deregulation weakens guardrails. Trade chaos disrupts production. Inequality hollows out demand. And when the system finally buckles, the losses to average working class people mean huge profits for the morbidly rich.

So no, this warning isn’t fringe: it’s historical and empirical. And it’s being quietly confirmed by the behavior of the people like Warren Buffett — now sitting on $314 billion in cash — who know the markets best and are waiting for the crash to cash in.

So get ready. Reduce your debt as much as possible, nail down your employment and assets, prepare your garden, and get ready to live simply as Trump crashes our economy again just like he did in 2020, and then tries to use that as an excuse to consolidate his power while he and his billionaire buddies again make off like the bandits they are.

Thom Hartmann is a New York Times best-selling author and SiriusXM talk show host. His Substack can be found here.

'Going in the wrong direction': Wall Street analysts raise red flag over Trump's economy

With President Donald Trump’s tariffs already being felt across the American economy, the president has told Americans to be patient, and that his trade policy would soon usher in a resurgence of domestic manufacturing jobs.

And yet, as job growth slows and prices tick up, Trump’s promise to reshore domestic manufacturing has not only not come to fruition, it appears to be “going in the wrong direction,” according to one analyst who spoke with the Washington Post Saturday.

“We aren’t even seeing the beginnings of a tariff-related recovery in manufacturing,” said Den Baker, an economist and co-founder of the Center for Economic Policy Research in Washington, speaking with the Washington Post. “You don’t expect to see it overnight. But it’s going in the wrong direction.”

Trump’s tariff policy has already begun to take its toll on the American economy according to a number of economists; prices have risen, job growth has slowed dramatically, and inflation has ticked up.

Trump has told Americans to be patient, that his tariff policy would see the economy rebound by next year, and at the very least, the stiff tariffs would ignite an explosion of domestic manufacturing jobs, with the policies incentivizing companies to reshore their operations to avoid paying steep penalties.

However, the tariffs now appear to be having the opposite effect, with import taxes impacting supply chains, and the uncertainty of Trump’s tariff policy – with tariff rates being adjusted for specific countries multiple times, unpredictably – giving cause for companies to be hesitant with their investments.

“Uncertainty around tariff policy is limiting activity,” wrote Wells Fargo economists Shannon Grein and Tim Quinlan this week in a joint analysis. “While the higher costs associated with tariffs are a challenge, the uncertainty around where tariffs ultimately land is likely more so limiting current activity today.”

Musk-Trump feud likely deliberate with specific goal in mind: Wall St analysts

Financial analysts with Wall Street firm Morgan Stanley believe that Elon Musk's very public feud with President Donald Trump was calculated to gain "maximum" attention for his opposition to the "big, beautiful bill," according to Investing.com.

Market reporter Sam Boughedda wrote Tuesday, "Morgan Stanley analysts believe that Elon Musk’s recent public communication 'campaign'...is 'likely part of a planned strategy by Elon to achieve a specific goal with his approach designed to bring maximum public attention to the issue.'"

Before the friendship completely imploded last week, Musk wrote on his social media platform, "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination."

The Investing.com report continued that "Despite the potential for 'negative sentiment around Tesla (NASDAQ:TSLA)’s products/brand' due to Musk’s political involvement, Morgan Stanley suggests this 'would not have come as a surprise to company management.'"

The firm argued that despite his promise to "focus solely on Tesla" from now on, Musk's vision of business and politics are "very much inseparable" for the Tesla CEO, with the "financial adequacy of the United States (budget deficit, national debt, etc)...elevated to a top priority."

Regardless, Morgan Stanley said it retained "sufficient confidence in the long-term vision of the company to reiterate the name as our ’Top Pick’ in U.S. autos," Investing.com reported.

London-based Data Center Dynamics offered a perspective on the Morgan Stanley/Elon Musk connection.

"Elon Musk's split with President Donald Trump was on the same day that Morgan Stanley tried to help [Musk's] generative AI company xAI raise $5 billion," the site reported. "The Wall Street Journal reports that xAI executives were speaking to Wall Street about the company’s data center buildout and AI chatbot Grok, this past Thursday."

Data Center's editor-in-chief continued, "Morgan Stanley had been hoping to sell the debt at around 100 cents on the dollar, with the close relationship between President Trump and White House adviser Musk having helped boost stocks in Musk's businesses, and reverse a decline in the valuation of social platform X (which is merging with xAI)."

Read the Investing.com article here.

'So weird!' MAGA world furious as Dem lawmaker trolls Trump in foul-mouthed post

Rep. Eric Swalwell (D-CA) made a not-so-subtle dig at Donald Trump's new nickname given to him by Wall Street investors upset over the market volatility caused by the president's on again-off again tariffs.

The derogatory term " TACO" — which stands for "Trump Always Chickens Out" — is reportedly used by Wall Street bankers who have started betting against the president after noticing the market manipulation that has resulted from Trump imposing, then backing off his tariffs.

In a video posted to his social media, an apparent staffer approaches Swalwell and asks, "Hey, Congressman...What the f--- is up with Trump always chickening out on tariffs?"

Instead of answering, Swalwell tucks into a Taco Bell taco conveniently laid out on his desk.

MAGA reacted harshly to Swalwell's attempt at troll humor.

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RedWavePress called the post "bizarre," while The Blaze called it "very odd" and asked, "What was the point of this???"

Conservative outlet @amuse wrote to their 640,000 followers, "MEN? Eric Swalwell is kicking off the Democrat's $20 million effort to attract young men to the party. What do you say guys? Want to share a taco with Eric?"

Podcaster Graham Allen wrote, "Democrats are so DESPERATE TO ATTRACT YOUNG PEOPLE that they got Eric Swalwell to eat Taco Bell… SO WEIRD!"

"Eric Swalwell shared a video using profanity while eating a taco. Is this the type of messaging likely to regain support for the Democratic Party?" wrote influencer Ian Miles Cheong.

TownHall conservative news echoed the same sentiment: "Eric Swalwell has posted a video featuring the f-word while eating a taco. Do you think this is the kind of messaging that will win back support for the Democrat party?"

The account of @cveridis, which identifies as Libertarian, posted, "Swalwell is a California elected representative. I called him a tool years ago. He has not improved. That he tries to connect himself with our honored taco is a slap in the face. Cringeworthy trolling!"

Watch the video below or at this post.

Trump's new clash is panicking 'doomed' Wall Street investors: Fox News reporter

President Donald Trump's desire to punish Harvard University at all costs for defying him on MAGA culture issues is causing headaches among Wall Street's private equity firms and hedge funds, according to a report in The New York Post.

In addition to barring the Ivy League university from admitting international students, Trump has pulled billions of dollars in federal funding and is seeking to cancel contracts the school negotiated with the federal government.

"On The Money's" Charles Gasparino, a Fox Business reporter, claimed that Trump's retaliation has Wall Street investors predicting "a huge hit to their businesses."

Gasparino explained, "As Team Trump ramps up the pressure, colleges will need quick and sometimes immediate access to cash in their endowments. Currently, much of the money is locked up in private equity investments – pools of cash invested in private companies that earn a return when they IPO; and hedge funds – sophisticated trading shops that promise outsized returns and charge high fees."

EXCLUSIVE: Trump accused of new grift that puts Qatari plane in shade

To pull their money out faster and easier, "the endowments will be forced to place cash in more liquid vehicles like so-called passive index funds – investments that don’t need an active manager and don’t charge exorbitant fees," he wrote.

Gasparino quoted one hedge fund manager lamenting, "Our fund may be doomed. All these college CIOs (chief investment officers) will think they’re OK in a passive fund.”

By going after endowments, Trump is hoping to browbeat elite schools into embracing "a more centrist approach to higher education," Gasparino wrote.

"Congress, meanwhile, is looking to increase its excise tax on endowment returns to 21% from the current paltry rate of 1.4%," Gasparino wrote. "The hike would be lower than past proposals but still significant enough to squeeze budgets further."

Read The New York Post article here.

Trump 'deeply underwater' on Wall Street skyscraper as massive debt deadline looms: report

President Donald Trump's most problematic business loan has him "deeply underwater" and scrambling to pay the exorbitant mortgage, with Forbes declaring that how he handles the situation "will reveal a lot about his current financial standing—and how politics is shaping it."

The building in question is 40 Wall Street, and the $115 million mortgage on the skyscraper is due in a mere 46 days, according to senior editor Dan Alexander.

"The president currently pays $2.5 million a year in ground rent, but that expense is set to skyrocket to an estimated $16 million in 2033, potentially wiping out all of his $9 million of operating income," according to the report. "As a result, the asset is now worth about $85 million, according to Forbes estimates, or $30 million less than the remaining balance on the loan.

EXCLUSIVE: Trump accused of new grift that puts Qatari plane in shade

"To plug the hole, someone will have to come up with a pile of cash," Alexander wrote.

A list of fast-cash possibilities included Trump footing the bill himself, thanks to the hundreds of millions he's raked in from his crypto ventures, Alexander wrote. Or, Trump could try to refinance the debt.

"The president has a history of weaseling his way out of trouble at 40 Wall Street," the report continued, citing Trump's relationship with Allen Weisselberg's son, who helped bring him afloat again.

Now that this massive mortgage is coming due, Alexander wrote, "He may not even be worried about the problems at 40 Wall Street. After all, now that he is back in power, plenty of big-money players—supporters, companies, even countries—are suddenly eager to make him happy."

Read the Forbes article here.

'Hoping he gets canned': MAGA allies reportedly pushing out Trump's trusted confidant

A new report in Politico claims that one of President Donald Trump's closest confidants, Commerce secretary Howard Lutnick, is considered a pariah among MAGA supporters who "are openly trash talking him to the boss, hoping he gets canned."

Reporters Rachael Bade and Megan Messerly wrote, "talk to almost any Trump ally outside the White House and you’ll hear scant praise for the Commerce secretary. He’s brash and impulsive, catering to Trump’s worst instincts on tariffs that could jeopardize the economy, they whisper. His loud mouth is equally matched by his bad judgment, they steam."

But the complaints amount to little more than "wishful thinking," the report said, due to Lutnick's unusually close relationship with the president. Lutnick, himself, has referred to the 30-year friendship with Trump as his "superpower."

ALSO READ: 'Alarming': Small colleges bullied into silence as Trump poses 'existential threat'

In essence, Lutnick is protected by a shield of loyalty to Trump, even after a debacle like the "chaotic rollout of the president’s 'Liberation Day' tariff policies that might have doomed any other Commerce secretary," the reporters wrote.

The ride or die relationship between the two New York billionaires revolves around "the two things Trump arguably values most: loyalty and money," the report said.

"When Trump turned into a pariah after Jan. 6, 2021, Lutnick still flew down to golf with him in Palm Beach," the report said. "During rocky parts of the 2024 campaign, people close to Trump say Lutnick 'stuck by the president' even on the grimmest days. Not to mention, he’s one of Trump’s biggest donors. He donated more than $10 million to Trump’s re-election, raising an additional $75 million for him by leaning on his Wall Street connections."

Lutnick's critics describe him as the worst kind of sycophant: "a sounding board who won’t curb [Trump's] most reckless instincts" who "marches into the Oval Office and tells Trump whatever he wants to hear rather than providing an accurate accounting of possible blowback," the report said.

However, "For all the kvetching among others close to Trump, Lutnick is the one who has a regular ice cream date with the president," which doesn't look like it will end anytime soon, the report concluded.

Read the Politico article here.

'He needs to listen': GOP pollster urges Trump to stop blowing off warnings

Republican pollster Frank Luntz issued a warning to Donald Trump just hours before the president was set to announce his "liberation day" tariffs that experts say threaten to drain Americans' bank accounts as they shop for everyday items.

Sen. Peter Welch (D-VT), a member of the Senate Finance Committee, told CNBC Wednesday that Trump's sweeping tariffs "will throw the global economy into turmoil and leave Americans holding the bag." But Trump appeared to be plowing full steam ahead.

Luntz, who spoke with CNN's Boris Sanchez Wednesday, called the United States a "polarized and angry country" that's only going to get more unstable as the Trump tariffs drag on.

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"The reason why I appreciate this discussion is that it's a chance to say precisely, the agenda and the policies have support, the communication and the execution do not," Luntz said. "So, I don't know if you're Democrat or Republican, you're going to be mad at this analysis, but this is the way things are, and we should start to pursue the truth rather than pursue some sort of partisan gain."

Sanchez asked, "How do you take that sentiment and apply it to...this announcement on tariffs?"

"It's going to freak the world out, and some Americans don't care," Luntz answered.

He claimed that Trump chose 4 p.m. for his announcement "because the markets are closed at that point."

Luntz continued, "You could see an explosion on Wall Street, and Donald Trump has always used the stock market as a measurement of his success. Well, he can't ignore it now. And if the markets are saying this is not the right way to do it, he needs to listen."

Luntz admitted that Americans "are tired of being treated as second class citizens. They're tired of countries like China taking advantage of our markets, selling their products and blocking our products," he said.

"But they don't want to pay more, and the tariffs are like a tax. And, so, we've got once again, a mixed message. I hope Americans respond slowly to this because in the end, our businesses are at stake. Our economic system is at stake. Capitalism is at stake. And how we handle this will determine how the rest of the world is going to see us, trade with us, negotiate with us, and treat us in the months and years to follow."

Watch the video below or at this link.

Sold! Wealthy N.Y. congressman dumps up to $37 million in stocks and bonds amid pressure to divest

Freshman Rep. Dan Goldman (D-NY), heir to the Levi Strauss fortune and one of Congress’ wealthiest members, has sold tens of millions of dollars worth of personal stocks and bonds, a new federal financial disclosure indicates.

The massive sell-off appears to position Goldman to finally make good on a delayed campaign promise: to create a congressionally approved “qualified blind trust” for his copious assets and shield himself from financial conflicts of interest, be they real or perceived.

Goldman’s office on Monday confirmed to Raw Story that the stock and bond sales are part of the process of entering into a blind trust, which will be finalized “imminently”. Goldman’s office declined further comment.

Under such a “blind trust” arrangement — rare among federal lawmakers — an independent body would formally control the administration of Goldman’s private business dealings, buying and selling investments as it sees fit, without the congressman’s knowledge or input.

Together, Goldman’s stock and bond sales — most executed during mid-July, per his disclosure — are worth up to $37.1 million. The actual value is likely somewhat less than that, as Goldman disclosed the values of his individual sales in broad ranges, as federal law allows.

Among Goldman’s more notable stock sales:

Tobacco company British American Tobacco Industries, up to $100,000
Tobacco company Altria, up to $30,000
Defense contractor Lockheed Martin, up to $50,000
Defense contractor BAE Systems, up to $15,000
COVID-19 vaccine maker Moderna, up to $100,000
Power company Dominion Energy, up to $100,000

Goldman first captured widespread national attention as a Democratic prosecutor during then-President Donald Trump’s first impeachment trial.

As a congressional candidate last year, Goldman, whose New York City-based 10th District includes Wall Street and the New York Stock Exchange, pledged to form a “blind trust” as he ran on an anti-corruption, pro-democracy platform.

“The fact of the matter is I have spent my entire career in public service, taking down gun traffickers, fighting against corrupt individuals, being a strong advocate for anti-corruption, and then obviously being in the trenches protecting and defending our democracy,” Goldman said during an August debate. “So whatever you want to reference, I was in a blind trust with all my money when I was a prosecutor. I will put my money in a blind trust as a congressperson.”

But during the first several months of Goldman’s congressional tenure, Raw Story chronicled how Goldman continued to buy and sell individual stocks at a frenetic pace through an unnamed investment adviser.

His hundreds of trades placed him among Congress’ most active traders among lawmakers, and Goldman’s office declined to explain why the congressman hasn’t simply abstained from trading while the often protracted process of forming a “qualified blind trust” played out.

Some of the trades involved companies with big business before Congress, including U.S. House committees on which Goldman sits: Homeland Security, Oversight and Accountability and the Select Subcommittee on the Weaponization of the Federal Government.

“When elected officials are trading stocks at a time when they’re supposed to be overseeing companies, we need to make sure that the public has the faith and confidence that elected officials are doing the bidding of the public interest and not trying to line their pockets and do what’s in their private interest,” Aaron Scherb, senior director of legislative affairs for Common Cause, a nonpartisan government reform organization, said at the time.

Stock-trade ban?

News organizations including the New York Times, Insider, NPR and Sludge have documented rampant financial conflicts of interest among dozens of members of Congress, such as those who bought and sold defense contractor stock while occupying positions on congressional armed services committees or otherwise voting on measures to send such companies billions of federal dollars.

The executive and judicial branches are riddled with similar financial conflict issues, too, as the Wall Street Journal and ProPublica have reported.

Dozens of members of Congress have failed to comply with the STOCK Act. During the 117th Congress from 2021 to 2022, at least 78 members of Congress — Democrats and Republicans alike — were found to have violated the STOCK Act's disclosure provisions, according to a tally maintained by Insider.

And during 2023 alone, Raw Story has so far identified 19 members of Congress who have violated the Stop Trading on Congressional Knowledge Act’s public disclosure provisions. The most recent stock trade scofflaw, Rep. Kathy Manning (D-N.C.), is twice tardy, having failed to disclose trades within 45 days of making them.

A plan to enact a congressional stock-trade ban failed during the 2021-2022 congressional session after Democratic House leaders, led by then-Speaker Nancy Pelosi (D-CA), declined to bring any of several existing bills — including one floated by House leaders themselves — up for a vote. President Joe Biden continues to remain silent on the matter, much to the frustration of many government reform groups.

But this year, many Republicans and Democrats alike have renewed efforts to ban their colleagues from trading stocks.

The most recent legislation introduced is the Ban Stock Trading for Government Officials Act, which would prohibit members of Congress, the president, the vice president, senior executive branch officials, their spouses and children from trading stocks and would require greater transparency with financial disclosures, The Hill reported.

Another two-party bill, the Bipartisan Restoring Faith in Government Act was introduced in May and is co-sponsored in part by political rivals in Reps. Alexandria Ocasio-Cortez (D-NY) and Matt Gaetz (R-FL).

Other materially similar bills include the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, the TRUST in Congress Act and the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act.

House Speaker Kevin McCarthy (R-CA), who does not personally trade stocks, has expressed openness to entertaining a stock trade ban of some sort, but has not formally endorsed a plan.

Goldman spokesperson Simone Kanter previously told Raw Story that Goldman “supports legislation that would prohibit members of Congress from trading individual stocks.”