Hawley introduces PELOSI Act – bill to ban stock trades by lawmakers and spouses named after Congress’s most prolific trader and former Speaker

Hawley introduces PELOSI Act – bill to ban stock trades by lawmakers and spouses named after Congress’s most prolific trader and former Speaker

Posted For: Rotorblade

MORGAN PHILLIPS,

Missouri Sen. Josh Hawley reintroduced a bill to ban members of Congress and their spouses from owning and trading stocks, and used the name of his legislation to troll former Speaker Nancy Pelosi.

The Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act would give members and their spouses six months after first assuming office to divest any holdings or put them in a blind trust – mutual funds, exchange-traded funds and Treasury bonds would still be allowed.

Any members found in violation of the bill would have to ‘return their profits to American taxpayers.’

Two years after the bill was signed the Government Accountability Office (GAO) would conduct an audit of members’ compliance.

‘Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market,’  Hawley tweeted as he announced the bill.

Also on Tuesday Hawley announced he would introduce legislation likely to be less popular with the American public – a bill that would ban TikTok nationwide.

The GOP senator previously introduced stock ban legislation under a different name last Congress.

Pelosi came under fire for her husband Paul’s prolific stock trading throughout her time leading Democrats in the House. In July Paul unscrupulously purchased  $5 million in semiconductor chip stock days before a House vote that handed $52 billion to semiconductor producers. He sold the shares at a loss to avoid ‘misinformation’ – or the appearance of a conflict of interest.

The Pelosis have a combined net worth of around $46 million.

The former speaker has long maintained that she doesn’t discuss stocks with her husband. But video footage from Pelosi’s daughter’s documentary on the former speaker highlighted just how often Paul is in the room while Pelosi is conducting business by phone.

Banning congressional stock trades has bipartisan support on Capitol Hill – last Congress there were a number of bills introduced in both the House and Senate.

Many Americans had hoped to see stock ban legislation last Congress after reports revealed hundreds of lawmakers regularly trade stocks directly related to their work in Congress.

In September Pelosi backed a bill to ban congressional stock trades that some government reform advocates said didn’t go far enough. The legislation never went anywhere for the rest of her speakership.

Nearly 100 House members bought or sold financial assets that intersected with the work of the committees they sit on, according to a New York Times report from September.

Of the 435 House members, 183 traded stocks through themselves or their immediate family members from 2019 to 2021. At least 97 bought or sold stocks, bonds or other financial assets through themselves or their spouses that directly intersected with their congressional work.

The trades that intersect with committee work are split evenly on partisan lines – 49 Republicans and 48 Democrats.

Since 2012, Congress members have been bound by the STOCK Act which requires they report stock transactions of $1,000 or more by themselves or their family members within 45 days. Members of Congress are also supposed to be confined by insider trading laws.

https://www.dailymail.co.uk/news/article-11672067/Hawley-introduces-PELOSI-Act-bill-ban-stock-trades-lawmakers-spouses.html

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