Long-anticipated legislation that would ban lawmakers and other senior government officials from trading stocks got a boost on Thursday, as House Democrats released a legislative framework that seeks to close loopholes, cut conflicts of interest, and make penalties for non-compliance more painful.
Rep. Zoe Lofgren (D-Calif.), chair of the Committee on House Administration tasked with reviewing deficiencies in the current financial disclosure system, outlined the framework in a Sept. 22 letter to Democrat colleagues.
“Following that review, I believe that a meaningful and effective plan to combat financial conflicts of interest could help restore the public’s faith and trust that our public servants act in the public interest,” Lofgren wrote….