Elected officials shouldn't be able to own or trade stocks. Period.

There's a simple solution to the Senate insider trading scandal

A politician.
(Image credit: Illustrated | iStock)

It may already seem like a lifetime past, but only a week ago several senators got themselves in hot water when it looked like they may have sold stock on insider knowledge about the coronavirus outbreak. While they weren't the only ones, Sens. Richard Burr (R-N.C.) and Kelly Loeffler (R-Ga.) looked the worst: They apparently sold $1.9-to-$4.8 million worth of stock between the two of them, in late January and early February — before the markets crashed due to the coronavirus outbreak, but after the entire Senate had been briefed by the White House on the threat.

On Monday, it broke that the Justice Department and the Securities and Exchange Commission (SEC) are investigating what happened, and the FBI has already reached out to Burr's office. Burr and Loeffler both insist it was all perfectly legal and above board, which is pretty hard to buy on its face in some instances. But even if that claim is true, it points to the deeper problem here: The current law is not nearly sufficient.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.