{"id":1223534,"date":"2022-01-18T23:52:29","date_gmt":"2022-01-19T04:52:29","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1223534"},"modified":"2022-01-18T23:52:34","modified_gmt":"2022-01-19T04:52:34","slug":"biden-stays-out-of-congressional-stock-trading-debate","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-stays-out-of-congressional-stock-trading-debate\/","title":{"rendered":"Biden Stays Out of Congressional Stock Trading Debate\u00a0"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-stays-out-of-congressional-stock-trading-debate%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1223534&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/media.breitbart.com\/media\/2017\/06\/wi\/ap\/13\/1ob62ch-e1505851995732.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p class=\"subheading\">The White House refused to take a stance on the ethical considerations of members of Congress trading stock while a proposed ban is gaining steam in the U.S. Senate.<\/p>\n<p>White House Press Secretary Jen Psaki&nbsp;<a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/01\/18\/biden-avoids-wading-into-the-congressional-stock-trading-debate.html\" target=\"_blank\" rel=\"noopener\">told<\/a>&nbsp;reporters on Tuesday that President Joe Biden \u201cbelieves that everyone should be held to the highest standard,\u201d but did not say whether the president supports or opposes a ban on congressional stock trading.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>\u201cHe\u2019ll let members of leadership in Congress and members of Congress determine what the rules should be,\u201d Psaki continued. Although she did not reveal Biden\u2019s position, she explained that Biden had not traded individual stocks during his 36 years in the U.S. Senate.<\/p>\n<p>The STOCK Act, which requires members of Congress to disclose their trades above $1,000, was signed into law in 2012 after Breitbart News senior contributor Peter Schweizer exposed corruption in his book <em>Throw Them All Out.<\/em><\/p>\n<p>Last year, 54 members of Congress violated the STOCK Act, according to a <em>Business Insider&nbsp;<\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/congress-stock-act-violations-senate-house-trading-2021-9#sen-dianne-feinstein-a-democrat-from-california-1\" target=\"_blank\" rel=\"noopener\">report<\/a>. Additionally, recent <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/01\/12\/report-congress-beat-the-market-in-trading-for-2021\/\">reports<\/a> show that members of Congress traded better than the market, on average.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Senators Jon Ossoff (D-CA) and Mark Kelly (D-AZ) introduced the Ban Congressional Stock Trading Act last week, which would require members of Congress and their families to put their stock portfolios into blind trusts. Kelly&nbsp;<a class=\"editor-rtfLink\" href=\"https:\/\/www.newsweek.com\/should-lawmakers-allowed-trade-stocks-joe-biden-leave-decision-congress-1670454\" target=\"_blank\" rel=\"noopener\">hopes<\/a>&nbsp;the bill will \u201cput an end to corrupt insider trading and ensure that leaders in Congress focus on delivering results for their constituents, not their stock portfolios.\u201d<\/p>\n<p>However, House Democrat leaders have come out against any proposed ban on congressional stock trading. House Speaker Nancy Pelosi (D-CA) told reporters last month that lawmakers \u201cshould be able to participate\u201d in stock trading.<\/p>\n<p>\u201cWe are a free-market economy. They should be able to participate in that,\u201d Pelosi&nbsp;<a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/we-are-free-market-economy-pelosi-rejects-stock-ban-congress-2021-12\" target=\"_blank\" rel=\"noopener\">said<\/a>. Pelosi is one of Congress\u2019s wealthiest members because her husband, Paul, has a trading portfolio worth millions.<\/p>\n<p>Pelosi\u2019s opposition to a congressional stock trading ban conflicts with Americans\u2019 views, as a recent&nbsp;<a class=\"editor-rtfLink\" href=\"https:\/\/thehill.com\/homenews\/news\/588630-76-percent-of-voters-support-banning-lawmakers-from-trading-stocks-poll\" target=\"_blank\" rel=\"noopener\">poll<\/a>&nbsp;found over three-quarters of voters think lawmakers and their spouses have an \u201cunfair advantage\u201d in the stock market.<\/p>\n<p>However, one of Biden\u2019s closest economic advisers said the proposed bans on congressional stock trading would be a good way to \u201crestore faith in our institutions.\u201d<\/p>\n<p>White House National Economic Council director Brian Reese&nbsp;<a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/01\/18\/biden-avoids-wading-into-the-congressional-stock-trading-debate.html\" target=\"_blank\" rel=\"noopener\">told<\/a>&nbsp;CNBC:<\/p>\n<blockquote>\n<p>There\u2019s a lot of distrust and mistrust around how politics works, around the political process. One of the things that we need to do across the board is restore faith in our institutions, whether that be Congress and the legislative branch, whether that be the Fed and otherwise and so anything we can do to try to restore that faith, I think makes a lot of sense.\u201d<\/p>\n<\/blockquote>\n<p>White House assistant press secretary Emilie Simons later walked backed Reese\u2019s comments,&nbsp;<a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/white-house-defers-to-congress-on-stock-trading-rules-for-lawmakers-2022-1\" target=\"_blank\" rel=\"noopener\">telling<\/a>&nbsp;<em>Business Insider,<\/em> \u201cAs Brian said this morning, President Biden believes that all government agencies and officials, including independent agencies, should be held to the highest ethical standards, including the avoidance of any suggestion of conflicts of interest. At this early point in the legislative process, the White House has not endorsed any bill text.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House refused to take a stance on the ethical considerations of members of Congress trading stock while a proposed ban is gaining steam in the U.S. Senate. White &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1223534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1223534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1223534"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1223534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1223534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1223534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1223534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}