Senators introduce ban on lawmakers becoming lobbyists

The legislation would not only ban senators and U.S. House members from being registered lobbyists, but would also prevent then from being compensated for trying to influence lawmakers and staff on behalf of companies or groups — closing a loophole that would allow former lawmakers to lobby without being a registered lobbyist.

The effort, from Sens. Rick Scott, R-Fla. and Elizabeth Warren, D-Mass., comes as a growing number of lawmakers are speaking out against profiting from their elected positions. Numerous bipartisan bills have been introduced this Congress to ban things like members owning and trading stocks, or banning themselves from betting on prediction markets.

The new bill, which is unlikely to become law, would hold violators to a penalty of $50,000 per violation or up to five years in jail.

“Trust in our institutions is at an all-time low, and the revolving door between Capitol Hill and K Street is a big part of that,” Scott said in a statement to CNBC. “We need to restore the American people’s trust in their government, and that’s why I’m proud to introduce this bipartisan bill to put government clearly back on the side of the people.”