Biden officials would be banned from owning or trading stock under Hawley bill

Sen. Josh Hawley (R.MO) has introduced a bill to ban executive members from reforming stock ownership. This is another attempt at reforming stock ownership. trading stocks .

This bill is expected to be presented Monday. It follows legislation Hawley introduced in February, which would have prohibited members of Congress and their immediate families from trading. stocks . The last Congress saw no movement by the House Democratic Leadership to bring up stock trading, which made many government officials wealthy.

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“Senior members of the executive branch—who have access to privileged information—shouldn’t be using it to get rich,” Hawley told The Wall Street Journal. “While prohibitions already exist in federal law to prevent conflicts of interest, these laws are difficult to enforce and frankly, insufficient.”

Executive officials proposed to limit their executive roles so that their spouses and they would either sell their stock market holdings, or put them in a blind trust within 6 months after starting their job. This ban excludes diversified mutual funds. Hawley’s office didn’t respond. Washington Examiner Request for more comment.

It is almost identical to the legislation banning legislators from stock trading Hawley brought back in January. It is called the “Preventing Elected Leaders of Owning Securities and Investments” Act. This would prevent members and spouses of Congress from trading or holding individual stocks and allow elected officials to dispose off their stock portfolios within six months after taking office. Named after Nancy Pelosi, former Speaker of House (D-CA), who was married to Paul Pelosi and whose stock trades earned the couple millions.

Hawley’s initial effort was stalled during the previous session and never received a vote. Another House bill of the same name was introduced in January 2022. It also failed to receive a vote.

In January, a bipartisan group made up of House representatives revived the House version. Reps. Chip Roy, R-TX and Abigail Spanb