Perhaps he is using the wrong term? Perhaps he wants to say 'trading stocks'? Read the comment at the end.

I heard a report on NPR about members of congress trading stocks. And getting richer than the professional traders in doing it. There are two things wrong with this.

1). Members will have information not available to the general public. Which makes them insiders.

2). Members will create legislation for certain industries which will change how a stock performs. And that promotes incentive for stock traders who know to buy or sell those stocks.

There was an argument between people who know more about it than me. Some called # 1 and 2 insider trading. Others said it was not. And both sides agreed that members of congress from all parties were getting richer than the average skilled trader.

So, I will give him credit for seeing a problem, and wanting to take steps to define and ban those practices. I say make the law clear and then stick to it.

The proposal I heard was that elected officials would be banned from trading stocks.