Key language missing from bill banning congressional stock trading.

I just read Jon Ossoff's bill banning congressional stock trading. The bill is intended to prohibit trading in individual stocks, but does all trading in mutual funds and ETFs. There is an important type of investment missing from this bill, and that is important; unit investment trusts.

UITs have been around since 1940, and are an important way of investing. They are focused, and targeted investments. If this bill passes, there are some huge investments that will be banned. Example? The S&P 500 Spiders Trust ($SPY) is the biggest example. While many call it an ETF, it is actually a UIT, with language in its prospectus for its eventual termination.

This needs to be fixed, and now, or the bill will fail in the courts.


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