{"id":1285425,"date":"2022-02-09T13:37:44","date_gmt":"2022-02-09T18:37:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1285425"},"modified":"2022-02-09T13:37:50","modified_gmt":"2022-02-09T18:37:50","slug":"pelosi-says-she-wont-block-stock-trading-ban-trashes-supreme-court-ethics-rules","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pelosi-says-she-wont-block-stock-trading-ban-trashes-supreme-court-ethics-rules\/","title":{"rendered":"Pelosi Says She Won\u2019t Block Stock Trading Ban, Trashes Supreme Court Ethics Rules"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/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%2Fpelosi-says-she-wont-block-stock-trading-ban-trashes-supreme-court-ethics-rules%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=1285425&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><\/div>\n<p>Speaker of the House Nancy Pelosi signaled Wednesday that she would not block a bipartisan attempt to ban members of Congress from buying and selling individual stocks, a position that she herself has opposed.<\/p>\n<p>\u201cI do believe in the integrity of people in public service. I want the public to have that understanding. We have to do something to deter something that we see as a problem, but it is<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> a confidence issue, and if that\u2019s what the members want to do, then that\u2019s what we\u2019ll do,<\/span>\u201d Pelosi said during a press conference.<\/p>\n<p>The comments were similar to ones she made in January, when she <a href=\"https:\/\/www.npr.org\/2022\/01\/20\/1074387320\/pelosi-opens-the-door-to-stock-trading-ban\">said<\/a> that she didn\u2019t believe new rules were necessary but that the House Administration Committee could review the issue. Pelosi is on record as personally opposing a ban, <a href=\"https:\/\/dailycaller.com\/2021\/12\/15\/nancy-pelosi-defends-trading-stock-act\/\">claiming<\/a> in December that trading stocks allows members to \u201cparticipate\u201d in the U.S.\u2019s \u201cfree market economy.\u201d<\/p>\n<p><strong>WATCH:<\/strong><\/p>\n[embedded content]\n<p>Pelosi added in the press conference that she would prefer to \u201ctighten the fines on those who violate the STOCK Act. It\u2019s not sufficient to deter behavior.\u201d<\/p>\n<p>The <a href=\"https:\/\/www.congress.gov\/112\/plaws\/publ105\/PLAW-112publ105.htm\" target=\"_blank\" rel=\"noopener noreferrer\">STOCK Act<\/a> requires members of Congress to file stock transactions with their chamber clerk within 45 days of conducting the trade. Members frequently flout the reporting requirement, but enforcement is uneven. <a href=\"https:\/\/dailycaller.com\/2022\/02\/07\/jamie-raskin-stock-act-sarah-bloom-raskin-federal-reserve\/\"><strong>(RELATED: Rep. Jamie Raskin Violated STOCK Act Over Securities Shares His Wife Cashed, Complaint Alleges)<\/strong><\/a><\/p>\n<p>\u201cThe enforcement of the financial-disclosure requirements is virtually nonexistent,\u201d a former investigative counsel in the House\u2019s Office of Congressional Ethics reportedly <a href=\"https:\/\/www.businessinsider.com\/congress-stock-act-violations-penalties-consequences-2021-12\">told<\/a> Business Insider. \u201cThe committee does not look for late filings. There is no notification or follow-up.\u201d<\/p>\n<p>Democrats and Republicans have introduced legislation that would prohibit Congress members and&nbsp;their direct family members from trading individual stocks. A <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/336\/text\">bill<\/a> proposed by Democratic Virginia Rep. Abigail Spanberger and Republican Texas Rep. Chip Roy would require members, spouses and dependent children to place their investments in blind trusts, while <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/senate-bill\/3504\/text?q=%7B%22search%22%3A%5B%22josh+hawley%22%2C%22josh%22%2C%22hawley%22%5D%7D&amp;r=11&amp;s=4\" target=\"_blank\" rel=\"noopener noreferrer\">legislation<\/a> introduced by Republican Missouri Sen. Josh Hawley would require members to surrender individual stocks to the Treasury Department if they are caught holding them.<\/p>\n<p>Pelosi did not endorse any current legislation.<\/p>\n<p>\u201c<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">I\u2019m a big believer in our committees, and we tasked the House Administration Committee to review the options that members are putting forth, and they have different views on the subject<\/span>,\u201d she said.<\/p>\n<p>The House speaker went on to criticize the Supreme Court\u2019s ethics requirements, claiming that any financial reform would have to be \u201cgovernment-wide.\u201d Although lower federal courts are bound by ethics rules legislated by Congress, the Supreme Court sets its own ethics and disclosure rules. Prominent <a href=\"https:\/\/dailycaller.com\/2017\/05\/15\/hillarys-new-dark-money-group-allowed-to-hide-donors-from-the-public\/\">liberals<\/a>, most notably Rhode Island Sen. Sheldon <a href=\"https:\/\/dailycaller.com\/2021\/06\/17\/democratic-senator-claims-rant-during-barrett-confirmation-is-reason-court-upheld-obamacare\/\">Whitehouse<\/a>, have claimed that the Court\u2019s lack of disclosure rules allow it to be controlled by right-wing dark <a href=\"https:\/\/dailycaller.com\/2020\/10\/13\/whitehouse-marker-poster-conservative-dark-powers-supreme-court-amy-coney-barrett\/\">money<\/a>.<\/p>\n<p>\u201cWe make a disclosure every year, our financial disclosure, that is what it is. And then in addition to that, on regular basis, when there is a stock transaction, to report that. The court system, the third branch of government, the judiciary, has no reporting. The Supreme Court has no disclosure, it has no reporting of stock transactions, and it makes important decisions every day,\u201d Pelosi said.<\/p>\n<p>Pelosi <a href=\"https:\/\/disclosures-clerk.house.gov\/public_disc\/ptr-pdfs\/2021\/20018539.pdf\">conducted<\/a> up to $30.4 million <a href=\"https:\/\/disclosures-clerk.house.gov\/public_disc\/ptr-pdfs\/2021\/20019004.pdf\">worth<\/a> of stock <a href=\"https:\/\/disclosures-clerk.house.gov\/public_disc\/ptr-pdfs\/2021\/20019331.pdf\">trades<\/a> in <a href=\"https:\/\/disclosures-clerk.house.gov\/public_disc\/ptr-pdfs\/2021\/20020106.pdf\">2021<\/a>, according to her ethics disclosures. According to the financial analysis blog Unusual Whales, Pelosi\u2019s trades had the sixth-best performance of all members of Congress, and the best among Democrats. Notably, Pelosi <a href=\"https:\/\/disclosures-clerk.house.gov\/public_disc\/ptr-pdfs\/2021\/20018539.pdf\">exercised<\/a> call options on Microsoft stock in March, less than two weeks before the U.S. Army <a href=\"https:\/\/www.cnbc.com\/2021\/03\/31\/microsoft-wins-contract-to-make-modified-hololens-for-us-army.html\">announced<\/a> a nearly $22 billion contract with the tech giant.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8BREAKING NEWS\ud83d\udea8<\/p>\n<p>I have just released the full trading report on politicians in 2021.<\/p>\n<p>In short, many beat the market.<\/p>\n<p>They traded more than ever before.<\/p>\n<p>And they made numerous unusually timed trades, resulting in huge gains.<\/p>\n<p>Read it here: <a href=\"https:\/\/t.co\/CQ6JphecwZ\">https:\/\/t.co\/CQ6JphecwZ<\/a> <a href=\"https:\/\/t.co\/ra9DEjV0ok\">pic.twitter.com\/ra9DEjV0ok<\/a><\/p>\n<p>\u2014 unusual_whales (@unusual_whales) <a href=\"https:\/\/twitter.com\/unusual_whales\/status\/1480656947577860096?ref_src=twsrc%5Etfw\">January 10, 2022<\/a><\/p>\n<\/blockquote>\n<p>House Minority Leader Kevin McCarthy <a href=\"https:\/\/dailycaller.com\/2022\/01\/11\/kevin-mccarthy-banning-lawmakers-trading-stocks-republicans-retake-house\/\">revealed<\/a> in January that he would consider a limit or ban on individual stock trades should Republicans take back the House of Representatives in the midterms.<\/p>\n<p>More than three-quarters of general election voters support banning members of Congress from trading individual stocks, a <a href=\"https:\/\/dailycaller.com\/2022\/01\/10\/stock-trading-congress-nancy-pelosi\/\">poll<\/a> conducted in December by the Trafalgar Group found.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speaker of the House Nancy Pelosi signaled Wednesday that she would not block a bipartisan attempt to ban members of Congress from buying and selling individual stocks, a position that &#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-1285425","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\/1285425","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=1285425"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1285425\/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=1285425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1285425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1285425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}