Pelosi dislikes bipartisan bill on the floor – Discover its purpose.
Bill Introduced to Ban Congressional Stock Trading
Two members of Congress have introduced legislation that would ban members of Congress from buying and selling stocks. This move comes in response to years of conflicts of interest and controversial stock transactions by members of subcommittees. In fact, members of Congress even outperformed the S&P 500 Index in 2022.
The bill, introduced by New York Democrat Sen. Kirsten Gillibrand and Missouri Republican Sen. Josh Hawley, aims to prohibit members of Congress, the president, vice president, employees of the executive branch, and Capitol Hill aides from owning stocks in individual companies, even if they are held in blind trusts. However, they would still be allowed to own mutual funds and index funds.
The bipartisan legislation has gained strong public support, as polling has shown. The Wall Street Journal reported on this development, highlighting the need for elected leaders to prioritize the public’s interests over their own financial gains.
Sen. Gillibrand emphasized the importance of this bill, stating, “It is critical that the American people know that their elected leaders are putting the public first, not looking for ways to line their own pockets.”
The bill also includes penalties for violators, such as forfeiture of trading profits and fines of $10,000 or more.
This is not the first time Sen. Hawley has taken action to address conflicts of interest in Congress. He previously introduced the PELOSI Act, which aimed to prevent elected leaders from owning securities and investments.
One of the most closely watched stock traders in Congress is former Speaker of the House Nancy Pelosi. Her trading activities have often coincided with legislative actions related to the stocks she trades. While Pelosi’s husband, Paul Pelosi, is a venture capitalist who engages in stock trading, Nancy Pelosi denies any conflicts of interest or sharing of insider information.
Currently, members of Congress and the executive branch are allowed to buy and sell stocks and options as long as they adhere to disclosure rules and avoid trading based on private information or conflicts of interest.
The tracking of Congressional trading activity by platforms like UnusualWhales has shed light on conflicts of interest and the influence of lobbying and stock trading on politics. UnusualWhales has even partnered with Subversive Capital to create two ETFs that allow investors to mirror the trading activities of elected representatives.
Investors have discovered numerous unusual trades made by members of Congress, including those related to the collapse of regional banks with government involvement.
This bipartisan bill marks a significant step towards addressing concerns about conflicts of interest and ensuring that elected leaders prioritize the public’s interests.
Source: The Western Journal
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