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More than 40 former members of Congress said the ETHICS Act is sorely needed because it "addresses pressing issues, especially low levels of trust in Congress and the appearance of insider trading."
A bipartisan group of more than 40 former federal lawmakers on Monday urged the U.S. Senate to vote on proposed legislation that would ban sitting members of Congress from buying or selling stocks and other financial holdings.
"We, the undersigned bipartisan former public officials, many of whom served in Congress, write to urge Senate leadership to bring the amended Ending Trading and Holdings In Congressional Stocks (ETHICS) Act to a floor vote before it is set to sunset at the end of the 118th Congress," the letter's signers wrote in a letter to Senate Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.).
Signatories include former Sens. Tom Daschle (D-S.D.) and Chuck Hagel (R-Neb.) along with Reps. Barbara Comstock (R-Va.), Donna Edwards (D-Md.), Dick Gephardt (D-Mo.), and Leon Panetta (D-Calif.).
"Notably," the ex-lawmakers said, "we propose attaching this crucial legislation to any 'must-pass' package. This legislation merits inclusion in such a package because it addresses pressing issues, especially low levels of trust in Congress and the appearance of insider trading."
The letter continues:
As you are both aware, the discussion of how elected officials trade stocks has been intensifying both inside and outside the Congress for years. In 2022, members of Congress made more than 12,700 individual trades, with dozens of members making above-average gains. A 2022 New York Times investigation reported that a fifth of all lawmakers were trading in companies directly related to their work on a congressional committee.
Critics have long decried existing legislation—including the Ethics in Government Act of 1978 and the Stop Trading Congressional Knowledge (STOCK) Act of 2012, which require annual financial disclosures by members of Congress—as largely toothless window dressing. Advocates of measures like the ETHICS Act have pushed for more stringent safeguards against self-dealing by members of Congress.
The ETHICS Act—which was introduced in July by Sens. Jeff Merkley (D-Ore.), Jon Ossoff (D-Ga.), Gary Peters (D-Mich.), and Josh Hawley (R-Mo.)—would ban members of Congress, the president, and vice president from buying and selling securities, commodities, futures, options, trusts, and other holdings. It would also prohibit their spouses and dependent children from divesting covered assets starting in 2027. The bill contains robust enforcement mechanisms and noncompliance penalties.
Calls for a vote on the ETHICS Act mounted after last week's revelation that more than 50 U.S. lawmakers held stocks in companies related to the military-industrial complex—even as those same firms received hundreds of billions of dollars in annual business via congressional legislation.
Focusing on confirming judges will make a tremendous difference in our lives and for our fundamental rights and freedoms.
President Biden has already accomplished an incredible amount to help create a federal judiciary that works for everyone. From the confirmation of more than 200 qualified and diverse lifetime judges (and counting) to advancing a long-overdue conversation about modernizing and reforming our Supreme Court so that we can one day trust that it provides equal justice for all, we are making important progress. At a time when the extremist majority on our nation’s highest court has rolled back the progress we have made—taking away the fundamental right to abortion, removing a vital tool for eliminating unfair barriers to educational opportunity, weakening voting rights for communities of color, and more—the task of improving a damaged judiciary is daunting.
It’s no surprise that the public’s trust in the judiciary is declining, as reports persist about some Supreme Court justices’ deeply concerning unethical behavior. Our justices should be serving all of us, but some of them are showing that they are only concerned about the interests of the wealthy and powerful. As we live in this reality, we must also do the work to foster a federal judiciary that respects, recognizes, and advances our civil and human rights.
Our justices should be serving all of us, but some of them are showing that they are only concerned about the interests of the wealthy and powerful.
It is incumbent on every generation to protect the progress made and work toward a more inclusive and thriving democracy and society in which everyone is treated with respect and dignity. Unfortunately, in the past few years alone, a manufactured and coordinated campaign has taken us back—but we are not backing down. We are fighting for a better future where our rights, our lives, and our future are respected. For this to happen, our Supreme Court justices must be held to the highest ethical standards, and Congress must explore all options to improve how the Court functions and thus examine its structure, including limiting the amount of time justices can actively serve. In the next few months, there’s also important work that must be done that will make a real difference in our lives. Federal judges decide important cases from who can access health care to whose votes are counted. And for our democracy to endure, we need highly qualified, fair-minded individuals in courtrooms across our nation who will advance equal justice for all.
President Biden, Senate Majority Leader Chuck Schumer, and Senate Judiciary Committee Chair Dick Durbin have helped to make a significant impact, stewarding more than 200 confirmations of lifetime judges and justices to our federal courts. This includes ushering in the most diverse slate—both demographically and professionally—of federal judges in history. Nearly two-thirds of these confirmed judges are women, nearly two-thirds are people of color, and more than 40 percent have significant experience protecting people’s civil and human rights. Of course, President Biden appointed Justice Ketanji Brown Jackson, the first Black woman and first former public defender to serve on our nation’s highest court, and her service to date has been remarkable. A few weeks ago, President Biden also announced his support for long-needed changes to the Supreme Court, including a binding code of conduct for Supreme Court justices.
Transforming our federal judiciary so it not only looks like America but also recognizes and respects the rule of law—and how laws impact people's lives—has been a cornerstone of President Biden’s administration. Together we have changed the default of who is considered fair and qualified for the federal bench because we know that a judiciary staffed with brilliant people committed to equal justice—people whose experiences have been historically excluded—yields better decisions and is more reflective and representative of America. We celebrate this remarkable progress. But we cannot relent.
Time is of the essence. We need laser-like focus to fill every vacancy possible by the end of the year.
The jurists who President Biden has appointed will be serving for decades to come—far outlasting his impressive four years in office. To honor his legacy and to ensure justice is served in more corners of our country, progress must accelerate. Over the next few months, senators must urgently prioritize the confirmation of diverse judges who possess a deep commitment to our civil and human rights.
Now that the Senate has returned, we urge senators to seize every opportunity to make an immediate and lasting difference. The Democratic-led Senate, under the leadership of Majority Leader Schumer, has already confirmed several nominees this week and has now confirmed 209 lifetime nominees during the Biden administration. Dozens more are awaiting action in committee or on the Senate floor. This includes numerous nominees with critical civil and human rights experience, including experience defending religious freedom and protecting the rights of working people and those involved in the criminal-legal system. Time is of the essence. We need laser-like focus to fill every vacancy possible by the end of the year.
For some comparison, President Trump during his one term in office was able to confirm 234 nominees to lifetime judgeships with the avid assistance of then-Majority Leader Mitch McConnell. In the final months of his one term, the Republican-led Senate confirmed 30 judicial nominees, including a Supreme Court justice. We can exceed the previous administration both in numbers and quality—and we must. While we have a long way to go until we have equal justice, it’s imperative that Schumer accelerate this progress and continue to use every moment over the next few weeks and months to fill as many judicial seats as possible. With focus and determination, the Senate can leave President Biden the legacy of appointing a stunning number—more than the last administration—of superbly qualified judicial nominees.
Focusing on confirming judges will make a tremendous difference in our lives and for our fundamental rights and freedoms. We need to take all necessary steps to strengthen our judiciary so that our multiracial democracy can thrive and equal justice prevails.
President Biden’s legacy deserves no less. And our future depends on it.
"What did we do after we were attacked in Pearl Harbor?" asked Sen. Lindsey Graham. "We dropped two nuclear weapons on two Japanese cities."
Congressional Republicans funded by the arms industry lashed out Wednesday over U.S. President Joe Biden's belated threat to withhold American weaponry from Israel if it launches a full-scale ground invasion of the Gaza city of Rafah, which is currently facing a humanitarian nightmare.
Sen. Lindsey Graham (R-S.C.), who received hundreds of thousands of dollars in campaign donations from pro-Israel interests and the weapons industry during his 2020 reelection campaign, declared that Biden's threat "put our friends in Israel in a box."
"What did we do after we were attacked in Pearl Harbor?" Graham, who previously encouraged Israel to "level" Gaza, said in a Fox News appearance late Wednesday. "We dropped two nuclear weapons on two Japanese cities... What is Joe Biden doing? He's making it impossible for allies throughout the world to trust us, he's making it hard on Israel to win."
Lindsey Graham: What do we do after we were attacked in Pearl Harbor? We dropped nuclear weapons on Japanese cities pic.twitter.com/kh7RU4flDw
— Acyn (@Acyn) May 9, 2024
Sen. Tom Cotton (R-Ark.) echoed Graham, falsely claiming that Biden has "imposed an arms embargo on Israel" and endorsed "a Hamas victory against Israel." Lockheed Martin, one of the world's biggest weapons manufacturers and a major beneficiary of Israel's war on Gaza, was the fourth-largest contributor to Cotton's campaign committee in 2020, the last time the senator ran for reelection.
The notion that Biden's threat to withhold future weapons deliveries to Israel undercuts the country's ability to assail Gaza was contradicted by a U.S. official who told The Washington Post that "the Israeli military has enough weapons supplied by the U.S. and other partners to conduct the Rafah operation if it chooses to cast aside U.S. objections."
Earlier this week, numerous media outlets reported that the Biden administration opted to delay a shipment of thousands of Boeing-made bombs over concerns about Israel's impending assault on Rafah. On Tuesday, Israeli ground forces entered Rafah and seized control of the city's border crossing with Egypt, imperiling humanitarian aid operations there.
Biden, who has approved more than 100 weapons sales to Israel and billions of dollars in additional aid since the October 7 Hamas-led attack, falsely said Wednesday that Israeli forces "haven't gone in Rafah yet," raising questions over the practical implications of his threat to withhold U.S. weapons in the case of a ground invasion.
But Republicans nevertheless fumed over Biden's approach, showing no concern for the humanitarian catastrophe that Israel's military—armed to the teeth with American weapons—has inflicted on Gaza.
In a letter to the president on Wednesday, House Speaker Mike Johnson (R-La.) and Senate Minority Leader Mitch McConnell (R-Ky.)—both major recipients of arms industry cash throughout their careers—wrote that delaying weapons deliveries "risks emboldening Israel's enemies and undermining the trust that other allies and partners have in the United States."
Johnson and McConnell, along with most congressional Democrats, supported a sprawling foreign aid package last month that authorized around $17 billion in military assistance for Israel. Reuters reported that Lockheed Martin and RTX—formerly Raytheon—both "stand to profit" from the measure.
Raytheon's PAC donated $18,500 to McConnell's 2020 reelection campaign.
Contrary to the position of congressional Republicans, progressive foreign policy analysts and anti-war organizations said Biden would be adhering to U.S. law if he halts weapons deliveries to Israel. Section 620I of the Foreign Assistance Act of 1961 prohibits U.S. military assistance to any country that is impeding the provision of American humanitarian aid—something Israel has done repeatedly.
"Enforcing our laws and making clear that the U.S. will not transfer offensive weapons to support a disastrous military operation that endangers millions of Palestinians throughout Gaza is vital," Sara Haghdoosti, executive director of Win Without War, said in a statement Wednesday.
"U.S. law gives the president ample power to ensure that no more U.S. arms go to [Israeli Prime Minister Benjamin] Netanyahu's brutal war in Gaza," said Haghdoosti. "With a crucial cease-fire deal within reach, added pressure from the Biden administration can help end this war and create a path to a sustainable peace for people in Israel and Palestine. We once again urge the president to use every tool available to him to secure a cease-fire in Gaza and the release of all hostages."