Senate Democrats laugh off Trump's endorsement of banning congressional stock trading. But there's still no consensus on passing their proposals in the lame duck session.

Former US President Donald Trump announces that he will once again run for president in the 2024 election during an event at his Mar-a-Lago estate in Palm Beach, Florida on November 15, 2022.
Former US President Donald Trump announces that he will once again run for president in the 2024 election during an event at his Mar-a-Lago estate in Palm Beach, Florida, on November 15, 2022.REUTERS/Jonathan Ernst
  • Senate Democrats have been wrestling with a proposed congressional stock trading ban.

  • Donald Trump endorsed banning congressional stock trading in his 2024 campaign launch.

  • Democratic leaders rejected Trump's ethical advice but aren't above using it to woo GOP support.

Senate Democratic leaders have no interest in taking advice on financial responsibility from scandal-plagued presidential hopeful Donald Trump — even if they're struggling to move a congressional stock trading ban bill on their own.

"We want a ban on members of Congress getting rich by trading stocks on insider information," Trump said Tuesday night during his 2024 rollout.

"I'm just so impressed that Donald Trump is giving us an ethical standard to live by," Senate Majority Whip Dick Durbin scoffed after being asked what he thought about the embattled former president floating a crackdown on politically-motivated investing as part of his 2024 comeback bid.

Trump is currently under investigation for legal problems galore, including allegedly inciting the January 6, 2021 siege at the US Capitol, meddling in Georgia's 2020 elections in order to overturn President Joe Biden's lawful win, and payroll-related issues at his family business.

He still felt qualified to weigh in on the unfinished legislative business Senate stock-ban point man Sen. Jeff Merkley of Oregon shelved until the lame duck in September.

Merkley was more diplomatic about Trump's shoutout than Durbin, using the unsolicited plug to stoke bipartisanship on Capitol Hill.

"I'm pleased to hear Trump supports a ban on congressional stock trading," Merkley wrote in an email. "And I encourage my Republican colleagues to join this effort."

As matters stand, House Democratic leadership introduced a stock-ban bill in September but delayed a vote on it until after the 2022 election. Merkley declined to comment on the prospects of bringing up Senate stock-ban legislation that a Democratic working group has spent all year trying to hash out.

Durbin told Insider that he hadn't heard "anything that's going to be current" in terms of scheduling an actual floor vote.

Senate Majority Leader Chuck Schumer tasked caucus members with bolstering stock trading rules after Insider's "Conflicted Congress" investigation revealed widespread violations of the Stop Trading on Congressional Knowledge (STOCK) Act and numerous financial conflicts-of-interest among members.

A slew of related bills have since cropped up in both chambers — some sponsored by Democrats, others by Republicans, still more in a bipartisan fashion.

Stock trading ban advocate Sen. Elizabeth Warren of Massachusetts urged Democratic leaders to follow through on the most popular proposals before decamping for the holidays.

"This ought to be a window of opportunity," she told Insider of the post-election transition period, adding, "We have talked about this at length … It's time."

Republican House Minority Leader Kevin McCarthy of California, who's poised to become speaker of the House once Republicans control the chamber come January, has this year signaled an interest in pursuing a stock-trade ban if the current Democrat-controlled Congress fails to do so.

Read the original article on Business Insider