Nancy Pelosi’s staggering $130 million stock windfall has finally caught Republican lawmakers’ attention—and they’re moving fast to shut down what they call rampant insider trading in Congress.
The catalyst? Wisconsin Republican Rep. Bryan Steil introduced legislation Monday that would prohibit members of Congress, their spouses, and dependent children from trading individual stocks. The bill is designed to end the type of market-beating profits Pelosi and her husband, Paul, have quietly amassed over decades.
Steil wasted no time, scheduling a markup hearing for Wednesday, signaling that Republicans intend to push the bill faster than Democrats expected. Lawmakers who break the rules could face a fine equal to $2,000 or 10% of the transaction value—whichever is higher—plus any profits gained from the prohibited trade.
The legislation also mandates public disclosure of any covered stock sale between seven and 14 days before the transaction occurs. Steil told Fox News, “Members should never profit off insider information they gain through their positions.” Violators could not use campaign funds or office budgets to cover penalties, and retired members could be referred to the Justice Department for prosecution. Current lawmakers would have 180 days after the law passes to either divest their holdings or place them in a blind trust.
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