Article
Authors: Aaryan Pathak (The Ohio State University) , Logan Feller (Johns Hopkins University)
A new era in American politics is brewing. With the advent and rapid development of the internet, including social media, a grassroots movement to push for government accountability has gained increasing traction. Constituents across the political spectrum are concerned that their elected officials are overstepping their constitutional authority, particularly the practice of congressional stock trading through obtaining insider information. Despite the passage of the STOCK Act in 2012, which aimed to prevent federal insider trading with transparency, the problem persists. In 2024, members of Congress reported a total of $706.37 million in stock trading, with an average return rate of 28%. Senator Thomas Tuberville of Alabama, for instance, realized a return of 179% on a $250,000 investment. Recently proposed legislation, such as the HONEST Act and the ETHICS Act, has shown little progress, yet frustration continues to rise. The objective of this paper is to assess the constitutionality of a congressional individual stock trading ban or restriction, underpinned by historical attitudes regarding collusion between elected officials and private enterprise. Further, this paper weighs constitutional arguments for and against a congressional individual stock trading ban, accounting for Court precedents and current legal framework. This paper seeks to provide a well-balanced view and a pragmatic policy proposal to chart a new future of accountability within the government.
Keywords: Congress, stock trading, regulation, constitutionality
How to Cite: Pathak, A. & Feller, L. (2026) “Buy Law, Sell High: The Constitutionality of Congressional Stock Trading Regulation”, Washington University Undergraduate Law Review. 3(1). doi: https://doi.org/10.7936/wuulr.9309
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