In an unprecedented move, Congresswoman Spanberger has crossed party lines to work with Congressman Roy on a bill that would prohibit members of Congress from trading stocks while in office. With this new project, our nation’s capital might see significant transformation and improved governance.
“At the heart of the issue: Senators and representatives regularly get classified briefings about subjects that impact the markets and they’re able to use that information, which the rest of the public doesn’t have, to buy, sell, trade, and profit. Spanberger and Republican Rep. Chip Roy, of Texas, a co-sponsor of the bill, both said it’s fundamentally unfair and should be criminalized,” News Nation reported. “The legislation would require members of Congress, their spouses, and their dependent children to put certain investment assets into a qualified blind trust while the member is in office.”
TRENDING: NEW Trump Diamond Bills Will Drive Liberals Crazy!
The Democrat legislator made a shocking statement: “We are long overdue for a vote on legislation to ban Members of Congress and their spouses from trading individual stocks. Last Congress, we saw the TRUST in Congress Act receives the most bipartisan support of any effort to do so. We saw tremendous momentum, we saw growing support in our districts, and we saw growing recognition across the political spectrum that such reform needs to be made now. I’ve been proud to lead the charge on this issue, and I want to thank my colleague Congressman Roy for his continued partnership as we reduce potential conflicts of interest in the halls of the U.S. Capitol. Our TRUST in Congress Act would demonstrate that lawmakers are focused on serving the interests of the American people — not their own stock portfolios.”
Rep. Pelosi’s dubious stock moves, which often occurred at politically critical times, have drawn constant attention.
Speaker Pelosi once again raised eyebrows with her strategically timed investment decision after selling 30,000 shares of Google stock in late December, just days before the Justice Department and eight states launched an antitrust case against Alphabet Inc. (Google’s parent company).
Sen. Hawley introduced the PELOSI Act, a ground-breaking measure, in January to safeguard the interests of American people (Preventing Elected Leaders from Owning Securities and Investments). This ground-breaking proposal would outlaw individual stock ownership or trading by members of Congress and their wives, creating a previously unheard-of level of financial openness for the federal government.
This measure is likely to become law with a strong Democratic showing.
“As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again. While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hard-working Americans pay the price. The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks,” Hawley said.
“Members who violate the requirements will also lose the ability to deduct the losses of those investments on their income taxes. The ethics committees of Congress may levy additional fines and will publicize violations,” as per a press release.
“The PELOSI Act will impose the prohibition on lawmakers during their tenure in office but will exempt holdings in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds. It will give members of Congress and their spouses six months, upon assuming office, to divest any prohibited holdings or place those holdings in a blind trust for the remainder of their tenure in office,” Benzinga reported.
In a MoneyWise report,
The House Administration Committee’s efforts to write legislation by Nancy Pelosi in February seemed to coincide somewhat unfavorably with her husband Paul’s venture capital work. Only a few weeks before, he had drawn flak for buying Nvidia, a company that makes graphics cards, using his call options.
Paul Pelosi sold his shares in the company right before the Senate vote on a $52 billion subsidy for local chipmakers, which faced strong resistance. Despite the uproar, the package was enacted into law in July. Sadly, the stock transaction resulted in a six-figure loss for Mr. Pelosi’s finances.
Speaker McCarthy has pledged to start a thorough inquiry to learn the truth about the Pelosi family’s stock trading. It will be interesting to see what he finds out and if this investigation yields any disclosures.
“I would look through it,” On the Democratic plan to outlaw stock trading for House members’ wives, he remarked “What I’ve told everybody is we will come back, and we will not only investigate this, we will come back with a proposal to change the current behavior.”
“Her husband can trade all the way through, but now it becomes a crisis?” he said. “I think what her husband did was wrong.”
“I think we need to bring trust back to this institution,” he added. “I think we have to do a thorough investigation and look at what is the proper role for members of Congress and what influence they have, and I don’t think the proper way to do this is Nancy Pelosi writing the bill because we have proven that she can not do that.”
I can recall people going to jail for that But when Pelosi was in charge She or her husband didn’t go to jail But the everyday American man And woman will go directly to jail Let’s take on this Hindsides 2020