Momentum builds for ban on Pelosi-style stock trading in Congress

0
56
momentum-builds-for-ban-on-pelosi-style-stock-trading-in-congress

House Speaker Nancy Pelosi and her husband may very well be compelled to cease trading particular person shares as bipartisan momentum builds in Washington, DC for a ban on the apply. 

Sen. Jon Ossoff (D-Ga.) is ready to introduce laws inside days that might ban lawmakers and their households from trading shares whereas in office.

“I’m an advocate for banning stock trading by members of Congress,” Ossoff stated in a Senate listening to on Tuesday, days after The Post first reported his plans. “I will be introducing legislation this week intending to make that the law.” 

A DC insider advised The Post that Ossoff needs his invoice to be bipartisan and received’t introduce it till he has a Republican co-sponsor. He might have discovered a companion in Josh Hawley (R-Mo.), who stated Tuesday that he’s wanting into Ossoff’s proposal.

“I’m trying to get up to speed on his legislation, see what it provides for,” Hawley told Politico. “My own view is whether it’s using broad based mutual funds or a blind trust, I just think there’s a lot to be said about members not trading individual stocks.”

“I don’t own any individual stock. This is a decision my wife and I made,” Hawley added.

Ossoff’s invoice would seemingly require lawmakers and their households to place their belongings in blind trusts — a step that the 34-year-old freshman senator completed himself months after being elected in January 2021. 

Josh Hawley (R-Mo.) stated he’s “trying to get up to speed” on Ossoff’s invoice and will probably help it.
Getty Images

Another potential Republican co-sponsor may very well be Sen. John Hoeven (R-ND), the one Republican in the Senate who has placed his assets in a blind trust.

Hawley’s office declined to remark on whether or not he’ll co-sponsor Ossoff’s invoice, whereas Hoeven’s office didn’t reply.

In the House, in the meantime, Minority Leader Kevin McCarthy (R-Calif.) stated Tuesday that he would think about a ban on stock trades by members of Congress however didn’t endorse a selected plan.

“If you’re the Speaker of the House, you control what comes to the floor, what goes through committee, you have all the power to do everything you want — you can’t be trading millions of dollars,” McCarthy advised The Post on Tuesday.

Minority Leader Kevin McCarthy (R-Calif.) stated Tuesday that he would think about a ban on stock trades by members of Congress.
Getty Images

Other House Republicans, nonetheless, took challenge with McCarthy’s feedback, with one nameless lawmaker griping to the The Post {that a} ban can be a “short-term political gain against Pelosi, while making members worse off for the long term.” 

Some Democrats additionally squirmed when reporters questioned them a few potential ban. Rep. Hakeem Jeffries (D-NY) — seen as a attainable successor to Pelosi as House Speaker — refused to say whether or not he helps a ban when questioned by Insider on Tuesday. 

“I’m unfamiliar with the legislation, it hasn’t been presented to me, nobody has talked to me about it. And of course I’m open to having any conversations with any members,” Jeffries stated, including that Democrats “certainly aren’t going to be lectured on ethics by Kevin McCarthy of all people.” 

A spokesperson for Jeffries declined to remark additional.

Possible Pelosi successor Rep. Hakeem Jeffries (D-NY) refused to say whether or not he helps a ban on stock trading by members of Congress.
Getty Images

Senate Majority Leader Chuck Schumer (D-NY) has additionally refused on Tuesday to say whether or not he would help a ban — however appeared to confess that his colleagues trading particular person shares may very well be an issue.

“I haven’t seen what McCarthy said, but I don’t own any stocks and I think that’s the right thing to do,” Schumer stated at a press convention.

“I don’t own any stocks, and I think that’s the right thing to do.”

Majority Leader Chuck Schumer feedback on the latest push to bar members of Congress from trading particular person shares. pic.twitter.com/pZ3V7EE4pm

— Forbes (@Forbes) January 11, 2022

Meanwhile, John Fetterman — the main Democratic candidate for Senate in Pennsylvania’s 2022 main — got here out towards Congressional stock trades on Tuesday.

“Lawmakers should not be making profits off of the same companies they are supposed to be regulating, based on closed-door information that isn’t available to the public,” Fetterman stated.

“I don’t own any stocks and I think that’s the right thing to do,” Sen. Chuck Schumer (D-NY) stated.
Getty Images

Blake Masters, a Republican candidate for Senate in Arizona, has additionally beforehand stated he helps a ban — as have Democrats together with Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-NY).

While members of Congress are nonetheless be torn about blocking themselves from trading shares, a ban is supported by a whopping 76% of US voters — together with 70% of Democrats, 78% of Republicans and 80% of independents, according to a December poll by the conservative advocacy group Convention of States Action. 

Spokespeople for McCarthy and Schumer didn’t instantly reply to requests for remark.

LEAVE A REPLY

Please enter your comment!
Please enter your name here