Senator Mark Kelly on Introducing Bill to Ban Congressional Stock Trading

Summary

The MeidasTouch Podcast: Episode Summary

Title: Senator Mark Kelly on Introducing Bill to Ban Congressional Stock Trading
Release Date: May 23, 2025
Hosts: Ben, Brett, and Jordy Meiselas
Guests: Senator Mark Kelly and Senator Jon Ossoff

---

Introduction

In this episode of The MeidasTouch Podcast, the Meiselas brothers delve into a pressing issue affecting American democracy: the ethics of stock trading by members of Congress. Joined by Senator Mark Kelly from Arizona and Senator Jon Ossoff, the discussion centers around the newly introduced bill aiming to ban congressional stock trading to prevent conflicts of interest and uphold public trust.

---

Market Volatility and Insider Trading Concerns

Timestamp: [01:28] - [03:05]
Ben opens the conversation by expressing frustration over the current market volatility, drawing parallels to "Trump meme stocks." He highlights the disproportionate benefits reaped by a small group of insiders versus the broader public, noting that while 22% of crypto wallets profited from such trades, approximately 50,000 individuals incurred losses.

Ben:

"The market volatility we're seeing right now is not normal... when you see members of Congress are involved in trading these stocks and making huge amounts of money off it... it really pisses me off. [01:28]"

Ben criticizes the suspicious trading patterns that coincide with political moves, suggesting potential insider trading. He specifically points out questionable activities by members like Marjorie Taylor Greene, emphasizing the need for bipartisan measures to address these issues.

---

Senator Mark Kelly on Congressional Stock Trading

Timestamp: [03:05] - [03:46]
Senator Mark Kelly provides context for the proposed legislation, explaining the financial strain on Congress members due to stagnant salaries adjusted for inflation. He acknowledges the argument that stock trading might be necessary for them to support their families but counters that public servants should prioritize transparency and ethics.

Senator Kelly:

"The salary of Congress has been frozen since 2009... you're going to have less qualified people who are willing to make the extreme sacrifice to run for Congress... public servants should be public servants. [03:46]"

Kelly underscores the importance of blind trusts and asset diversification to prevent conflicts of interest, advocating for policies that ensure all 535 members of Congress adhere to these ethical standards.

---

Senator Jon Ossoff's Insights on the Legislation

Timestamp: [03:57] - [10:27]
Senator Jon Ossoff joins the discussion, vehemently supporting the bill and dismissing counterarguments related to congressional salaries. He highlights how access to privileged information in various committees can tempt members to engage in profitable trades, thereby undermining public trust.

Senator Ossoff:

"We're supposed to be public servants here... this needs to happen, and there is bipartisan support for this. [05:15]"
"The wealth has moved from the middle to the top 0.1%. It's not sustainable... billionaires can pay more in taxes. [08:50]"

Ossoff critiques the current fiscal policies that favor the wealthy, arguing that tax cuts for billionaires exacerbate economic inequality and contribute to national debt. He advocates for higher taxes on the ultra-wealthy to fund essential services and support the middle class.

---

Budget, Taxation, and Wealth Inequality

Timestamp: [06:15] - [10:27]
The conversation shifts to broader economic policies, with Ben pointing out the apparent cruelty in the current budget that seems to prioritize enriching billionaires at the expense of ordinary Americans.

Senator Ossoff:

"They're making sure that billionaires don't have to pay more taxes... kids are going to continue to go hungry so rich people can pay less in taxes. [06:35]"
"Physical taking money from the people that can least afford it and putting it in the pockets of the wealthiest Americans... [08:50]"

Ossoff emphasizes the need to address tax loopholes and ensure that the wealthiest individuals contribute fairly to society. He also highlights the disparity in tax burdens, noting that teachers and middle-income earners often pay a higher percentage of their income in taxes compared to billionaires.

---

National Security and International Perception

Timestamp: [10:27] - [13:15]
Ben raises concerns about national security issues tied to political actions, referencing former President Trump's trip to the Middle East and the implications of accepting gifts from foreign nations. He questions how such actions affect America's standing globally, especially in comparison to China's growing influence.

Senator Ossoff:

"China is stepping into the vacuum left by America's diminished ethical leadership... [11:29]"
"Ethics laws do not allow accepting gifts like a $400 million airplane from foreign leaders... [13:15]"

Ossoff warns that unethical behavior and weakened foreign policies create opportunities for adversaries like China to fill the leadership void, undermining America's role as a moral and stabilizing force in the world.

---

Conclusion

As the episode wraps up, Ben encourages listeners to stay informed and engaged, emphasizing the importance of accountability in government. He invites Senator Kelly to continue providing updates on the bill and thanks both senators for their participation.

Ben:

"Senator Mark Kelly, keep us posted on the developments with the bill... [13:15]"

The discussion underscores the necessity of legislative reforms to prevent conflicts of interest within Congress, promote economic fairness, and maintain national integrity on the global stage.

---

Key Takeaways

• Ethical Governance: The proposed bill to ban congressional stock trading aims to eliminate conflicts of interest and restore public trust in elected officials.

• Economic Inequality: Current fiscal policies favor the ultra-wealthy, exacerbating economic disparities and placing undue financial burdens on middle and lower-income Americans.

• National Security: Ethical lapses and weakened foreign policies risk diminishing America's global leadership, providing opportunities for rivals like China to assert dominance.

• Bipartisan Support: Both Senators Kelly and Ossoff emphasize the need for bipartisan efforts to implement ethical standards that apply uniformly across all members of Congress.

---

This episode of The MeidasTouch Podcast provides a comprehensive examination of the intersection between ethics, economics, and national security, offering listeners valuable insights into the ongoing efforts to uphold democracy and ensure responsible governance.

Transcript

[Shopify Representative]

Starting a business can seem like a daunting task unless you have a partner like Shopify. They have the tools you need to start and grow your business. From designing a website to marketing to selling and beyond, Shopify can help with everything you need. There's a reason millions of companies like Mattel, Heinz and Allbirds continue to trust and use them. With Shopify on your side, turn your big business idea into Sign up for your $1 per month [e-mail] Specialoffer want.

[Mantis X Representative]

To sharpen your aim, save money on ammo and train like the pros, all from the comfort of your home? Meet Mantis X, the cutting edge dry fire training system used by the Marine Corps, army and Special forces to build precision and confidence. 94% of shooters report improved accuracy in just 20 minutes and you could be next. With Mantis X, you train with your own firearm anytime, anywhere without wasting a single round in less than two weeks. The system pays for itself in ammo savings alone. As a proud gun owner, I believe in the Second Amendment. But rights come with responsibility. That means refining your accuracy, mastering your skills, and staying prepared every time you train. Whether you're a new shooter or an experienced marksman, Mantis X helps you train smarter, shoot better, and defend what matters most. Get yours [e-mail] that's mantisx.com you know.

[Ben]

The market volatility we're seeing right now is not normal. In my view. The economy of the United States of America should not look like a Trump meme stock. And we know with Trump meme stocks that there are a group of insiders who are usually the ones benefiting. I mean, I think it's 22 of the crypto wallets made money on the Trump meme stuff, which while like 50,000 people ended up losing money. So when I see this in our markets, it really pisses me off. And then layer on top of that all the unusual trading patterns around when Trump announces tariffs, when he takes off the tariffs, you see all of this activity that at least resembles insider trading. And then it pisses me off to no end when you see that members of Congress are involved in trading these stocks and making huge amounts of money off it and doing weird trades that would never otherwise exist unless you had some knowledge about what the heck was taking place. And we showed the photo there of Marjorie Taylor Greene, a rapacious stock trader, all of a sudden. But look, let's be clear, it's a bipartisan issue in my view. I think that public servants should be public servants and so even though MAGA Mike Johnson has, he's claimed to some extent that he's against stock trading by members of Congress, I guess, but who knows what the hell he says is true or not. But then he gave this weird press conference also where he said, well, I don't like this stock trading. I have sympathy. I get it. Members of Congress, they're not making enough money. They need this, they need stock trading. I get it. Here's what he said. Let's play it.

[Senator Mark Kelly]

Well, look, the salary of Congress has been frozen since 2009. When you adjust for inflation, a member of Congress, the days make it 31% less than they made in that year. It goes down every year. And over time if you stay on this trajectory, you're going to have less qualified people who are willing to make the extreme sacrifice to run for Congress. It's just people just make a reasonable decision as a family on whether or not they can come and move to Washington, have a residency or residence at home and do all the things that are required. So the counterargument is, and I have some sympathy, look, at least let them engage in some stock trading so that they can continue to take care of their family.

[Ben]

Let's bring in Senator Mark Kelly from Arizona who today along with Senator Ossoff introduced the ban Congressional Stock Trading act as well. Tell us about everything.

[Senator Jon Ossoff]

Well, Ben, let me start off by saying I have zero sympathy. Zero. I mean Mike Johnson is Speaker of the House. He can work to raise the salary of members of Congress. These things are totally unconnected. When you're in this job you get enormous access to information. I sit on the Armed Services and the Intelligence Committee. There are people on the Ag Committee that know what's going on with, with crops and cattle and could use that information to trade futures. I do believe there is somebody that sits on the Senate Ag Committee. I'm not going to name names here, but does actually trade future contracts for agricultural products. So with this access to information, I imagine there is a temptation by members of Congress to use this information to gain, to just build their wealth. And that is not right. That's not information that the general public has. I get the issue that Mike Johnson has with the salaries of members of Congress. He is the speaker of the frickin House of Representatives and he could do something about that. And I think there should be something done. Folks that have been here for a long time because of inflation, you know, their buying power has been reduced. I'm sympathetic to that argument. So Ossoff and I, Senator Ossoff and I reintroduced our legislation to basically compel the rest of Congress to do what the two of us do. And that's putting your assets into a blind trust where you don't have the ability to use any of the information you have to make money because of your job. We're supposed to be public servants here. And Senator Ossoff and I take this very seriously. You could also diversify and, you know, so there's another option there, too. But we want this to be the rule for all 535 members of Congress in the Senate. As far as I know, it's just the two of us that have taken these steps in the House. I'm not sure how many people. But this needs to happen, and there is bipartisan support for this.

[Ben]

We see what's going on with the House, though, and the budget, and we see what's going on with some of your colleagues in the Senate. The focus seems to be, I don't know, cruelty seems to be the point with this budget. And I guess enriching the billionaires.

[Senator Jon Ossoff]

I think the second part is really the point. I think it's the enriching the billionaires, it's making sure that they don't have to pay more taxes. If Donald Trump's 2017 tax cuts went away, and these are the guys that are supposed to be the fiscal conservatives, they're going to add trillions of dollars of debt, well, to the deficit and ultimately to the national debt in order to put more money in the pockets of rich people. The cruelty part comes in where they're trying to make it not look so bad. Instead of adding 6 trillion, it'll be only 4 trillion. So they can feel a little bit better about it. But to do that, they're going to kick people off their health care and kids aren't going to get meals. I mean, that's the cruel part, is hungry kids are going to continue to go hungry so rich people can pay less in taxes. And I'll say this, Ben, I had some teachers in here today with some kids from schools in Arizona, and these teachers pay a higher percentage of their income in federal taxes than many, many billionaires and millionaires. I mean, Warren Buffett is a guy who pointed this out all the time. His secretary paid a higher percentage of taxes than he did. And I think that's true. And it's a problem, and we got to fix it. They're doing the opposite thing here. They're making this situation worse.

[Ben]

You know, there was a moment, I don't know if it was a month or so ago where Donald Trump had some tech billionaires in the Oval Office, and he was asked a question about profiting off of his own meme coins, and he looked at the billionaires and he said, well, they're very rich. Why shouldn't I be rich? And it feels like these MAGA Republican Congress members who hang out at Mar a Lago see all these billionaires and doing all the things that they're doing and saying, you know what? Me too. I deserve that as well. Look at what I'm doing for them. I want to be rich like them. And the greed trickles down to all of the MAGA Republicans, but the wealth doesn't trickle down to the rest of the Americans.

[Senator Jon Ossoff]

No. And a lot of envy, I think, among these billionaires. I mean, we have a whole different class of billionaires now. It used to be if you were worth a billion or two or three, you were incredibly wealthy. Now we have folks that are worth 50, 60, 100, $150 billion and more. Elon Musk is somewhere north of that. I don't keep track of how rich the guy is or Zuckerberg or others are just so incredibly wealthy that I think there's a lot of envy from the poorer billionaires. The reality of the situation is that the wealth has moved from predominantly the people around. The middle income in our country used to own an enormous amount of wealth collectively, and a lot of that wealth has been transferred to the people in the top 0.1%. It's not sustainable. It means the buying power of people in the middle has gone down dramatically. These are folks that are having to deal with rising costs. Billionaires don't have to deal with the price of groceries going up or housing. It doesn't matter to them. And this trend is unsustainable. Billionaires can pay more in taxes. They can do it right now. And then we don't have to kick kids off of their health care, and we can continue to give them free lunch and school when they can't afford to bring lunch money. So that's what we're talking about here. It's taking money. I mean, physically taking money from the people that can least afford it and putting it in the pockets of the wealthiest Americans. And that's just.

[Ben]

While I got John, I got to ask you a national security question, of course, which is Trump's trip to the Middle East. I think just a stain on the United States. You know, what he was doing in Qatar. And yet United Arab Emirates and Saudi Arabia, we know that the Pentagon formally accepted the free gold plated Qatari jet, but we're even seeing with the president of South Africa, President Ramaphosa, who was in the Oval Office today, basically saying, I'm sorry that I can't get you a jet if that's going to influence you. And just seeing how it is that the international community is now perceiving us. Seeing China hosting that meeting last week with the Latin American and Caribbean countries, projecting itself now as a stabilizing force and speaking the way America once spoke, as America under Trump standing sounds like China used to speak. And me as an American saying, what the hell is happening here? It's gone upside down. What's your observations of it from all the national security experience you have?

[Senator Jon Ossoff]

Well, you're right, Ben. The big problem is China's gonna step into this vacuum. A place where we were the most ethical. We were the leaders of the free world. We helped other countries when they were. It didn't cost us a tremendous amount of money. We fed starving kids on the other side of the planet just because they were starving. And the programs that we. I was in South Africa last year, and President Bush's pepfar program has saved more lives than probably any federal government program the United States government has ever supported was George Bush's program. And it provided medication and it kept babies from being born HIV positive. That program's ended because of Elon Musk and Donald Trump right now. And kids are starving around the world because they don't think we should support these programs. And that gives a wide opening for the Chinese on the question of the airplane. Yeah, I mean, I saw the Ramaphosa press conference in the Oval Office, and I thought it. I mean, it's wrong. I mean, to put this guy on the spot, you know, in the way. And I don't know if the president put him on the spot or he just brought it up, but, yeah, he doesn't. He can't bribe the president with a $400 million airplane. Only Qatar or the UAE or Saudi Arabia or maybe some other countries can do that. You got to call it what it is. It is a gift to a president. Outside of our laws. We have ethics laws that do not allow this. And these countries are going to expect something from it.

[Ben]

Senator Mark Kelly, keep us posted on the developments with the bill that you. That you had there. And always you're invited back on whatever. We love having you on and hearing your wealth of experience.

[Senator Jon Ossoff]

All right, thank you. Thank you, Ben. Appreciate it.

[Ben]

All right, everybody, hit subscribe. Let's get to 5 million subscribers. Can't get enough Midas? Check out the Midas plus substack for ad. Free articles, reports, podcasts, daily recaps from Ron Filipkowski and more. Sign up for free [e-mail].