Business News

Democrats see Congress stock trading restriction as retribution against Joe Manchin

Supporters of a bill that would require members of Congress to place their assets in blind trusts and prohibit them from trading individual stocks say it will help restore public faith in politicians, but some Democrats see a side benefit: revenge on Joe Manchin.

Senator Joe Manchin of West Virginia has enraged his Democratic colleagues by killing President Joe Biden’s nearly $2 trillion Build Back Better Act, which would have funded a significant increase in social spending and allocated hundreds of billions of dollars to combat climate change, among other things.

Some Democrats have claimed that Manchin’s resistance to Build Back Better is due to his ownership of Enersystems, a coal firm situated in Fairmont, West Virginia, that he started in 1988 and now runs with his son.

While Manchin claims he has no influence over Enersystems’ activities, Senate reports show he earned $492,000 from the family business in 2020 and holds a share valued between $1 million and $5 million.

Senators, including Manchin, would be obliged to put their assets in blind trusts and would be prohibited from selling individual stocks under legislation sponsored by Senate Democrats, including Sens. Jon Ossoff of Georgia and Mark Kelly of Arizona.

That would require Manchin to either sell his Enersystems stock or hand over control to a trustee, who would be responsible for managing the stock — and potentially selling it — without the senator’s participation.

Sen. Jon Ossoff (D-GA) is among a group of Democrats pushing a bill that would require members of Congress to place their assets in blind trusts.

Sens. Raphael Warnock (D-GA), Brain Schatz (D-HI), Kirsten Gillibrand (D-NY), Martin Heinrich (D-NM), and Patty Murray (D-WA) have all endorsed Ossoff and Kelly’s measure (D-WA).

Republicans such as Missouri Senator Josh Hawley and Florida Senator Marco Rubio have shown support for similar legislation.

Some of Manchin’s assets are already held in a blind trust, which he has utilised to avoid questions about potential conflicts of interest.

Joe Manchin started a coal company called Enersystems. It is based in Fairmont, West Virginia, and was started by Manchin.

Reporter Bloomberg talked to Manchin in September about whether his stake in Enersystems could make him vote a certain way.

“I’ve been in a blind trust for 20 years, and I don’t know what they’re doing,” said Manchin. What’s wrong with you? Manchin said more. Change the subject.

President Joe Biden’s $2 trillion Build Back Better Act, which would have helped clean energy, angered Democrats when Joe Manchin didn’t like it.

Finances show that Manchin’s blind trust was worth between $500,000 and $1 million in 2020 and earned between $5,000 and $15,000.

There is a good chance that the blind trust won’t be able to hold all of his money and shares in Enersystems because they are worth a lot more than the trust is worth.

Manchin’s office didn’t answer the Post’s many questions.

About the author

Akanksha Jain

Akanksha Jain love to learn new stuff every day. With a background in computer science and a passion for writing, she loves writing for Startup, Business sections of Editorials99.

Add Comment

Click here to post a comment