The Republican Party U.S. Senate The bill’s title is being used to poke fun at Nancy Pelosi, former House Speaker, by preventing lawmakers and their spouses trading stocks in which they would have had privileged information.
Senator Josh Hawley (Republican from Missouri) introduced Tuesday the PELOSI Act. Officially known as the Preventing Elected Leaders From Owning Securities and Investments Act. It requires members and their spouses either to sell any holdings immediately or place them in a blind trust.
“Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today l’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act,” On Tuesday, he posted a tweet.
The bill comes after revelations last year that Nancy’s husband, Paul Pelosi, traded between $1 million and $5 million of stocks for semiconductors just days before Congress allocated $52 million to the industry. The stocks were later resold at a loss in order to erase any traces of impropriety.
Others have made similar advantageous trades with their spouses, such as Sen. Richard Burr (R-N.C.), who sold investments after receiving classified information on the coronavirus pandemic.
Hawley’s bill excludes mutual funds, exchange-traded funds and Treasury bonds purchases.
Hawley’s bill would require any profits made by a lawmaker to be returned to American taxpayers.
It also specifically amends the Ethics in Government Act of 1978, which prohibits using nonpublic information for private profit, commonly known as insider trading — which is already illegal for business leaders and everyday Americans.
The bill currently requires that the President of the United States, vice president, certain executive branch employees, Postmaster General, some civilian workers, and certain members of Congress file a report that details the source, type, value, and amount of income they have earned from other sources than their current job.
This bill was originally amended by Rep. Louise McIntosh Slaughter of D-N.Y. and Sen. Joe Lieberman of ID-CT in 2012. “Stop Trading on Congressional Knowledge Act” Or the “STOCK Act” to eliminate insider trading in Congress
The legislation was signed into law. It prohibits legislators and their employees from using information gained during legislative meetings for private profit. The legislation also states that lawmakers are not exempted under the insider trading prohibitions. securities laws.
It is required that congressional legislators report stock transactions exceeding $1,000 by themselves or their immediate family members within 45 days.
The bipartisan push to stop legislators from making private profits through their public offices has broad support. Hawley, along with others on both sides, have initiated legislation to prohibit such behavior.
Hawley introduced earlier this year a bill to ban stock trades by lawmakers while they are in office. Sens. Sens.
Reps. Chip Roy, R.TX, and Abigail Spanberger D.Va. reintroduced a law that would prohibit legislators and their family members trading individual stocks or using public offices. “political gain.”
The TRUST Act (formerly the Transparent Representation Upholding Service and Trust in Congress Act) would allow lawmakers and their families to transfer certain investments into a qualified blind trust during their time in Washington.
“Strengthening our democracy and building true resilience against corruption is not just about preventing unethical decisions, but it is also about addressing the feeling among many Americans that their elected officials and government don’t work for them. This perception is damaging to our democracy, and the TRUST in Congress Act would help build trust and assure the public that Members of Congress are not serving their own financial interests,” Spanberger spoke at the time.
She said that the bill would also create a “firewall between Members of Congress and their investments.”
Original cosponsors of the bill include Reps Scott Perry, R-Penn., Matt Gaetz, R-Fla., Jerry Nadler, D-N.Y., Adam Schiff, D-Calif., Dusty Johnson, R-SD, Nikema Williams, D-Ga., Dean Phillips, D-Minn., Chellie Pingree, D-Maine, Angie Craig, D-Minn., Mary Gay Scanlon, D-Penn., Brian Fitzpatrick, R-Penn., Pete Sessions, R-Texas, Grace Meng, D-N.Y. and Joe Courtney, D-CT and more.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."