Should lawmakers be able to engage in stock trading? That’s a new question emerging within the House of Representatives.
House Speaker Nancy Pelosi indicated that Democrats are looking into potential policy proposals that will ban lawmakers from stock trading. Pelosi said that there also needs to be tighter enforcement of the STOCK Act, which is a law that prevents congressional insider trading.
During her weekly news conference, Pelosi was asked about the possibility of a ban on lawmaker trading. She said that it has been tasked to the House Administration Committee in order to review the options, and the consensus is what they will move forward with. The turnaround might be within this year.
Momentum is building for the new legislation. Both Democrats and Republicans are pushing the legislation forward.
Sen. Jon Ossoff co-sponsored legislation with Sen. Mark Kelly, and said that he is optimistic about the momentum it is already gaining. Ossoff said that this is not a highly complex area of law.
Ossoff beat the former Senator, David Perdue, in a runoff election last year, during which there was heavy criticism of Perdue for making well-timed stock trades as Covid spread.
It isn’t the sole legislation sweeping into Congress. Democrat Sen. Elizabeth Warren and Republican Sen. Steve Daines also have their own legislation. Warren said that she is happy to see momentum in every corner and that it’s beyond time.
Daines said that time and effort had been put into coming to a bipartisan compromise that would ultimately do the right thing for the country. He said faith must be restored in government.
Pelosi’s statement this week marks a bit of a reversal of her previous position. In December, Pelosi was asked whether she believed members should be barred from trading stocks. She said no, claiming that trading stock is part of living in a country with a free market economy. While Pelosi herself does not have any stocks, her husband owns millions of dollars in stocks.
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