Sen. Josh Hawley gave some background on the PELOSI Act, legislation that would prevent members of Congress from trading individual equities, during a recent appearance on “Hannity.” Senator Hawley hinted that Rep. Nancy Pelosi’s (or her staff’s) stock market antics had something to do with why he was proposing the bill when asked about it.
Hannity, introducing the topic, said “My next guest is vowing to put an end to insider trading, public corruption in the swamp, in Washington, D.C., with a bill that he calls the PELOSI Act. Here with more, Missouri Senator Josh Hawley is with us. Senator, tell us about this bill.”
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A new bill introduced by Congressman Hawley would prohibit lawmakers from making money from stock trades made using insider information. He went into depth about how this action would improve our democracy’s fairness and transparency.
“Well, listen, Sean, you’ve laid it out perfectly, which is that when people sent, when a voter sent members of Congress to Washington, they expect them to do the people’s business, not to be day trading on the stock market, not to be using the information that they get from briefings to go and make a quick buck on Wall Street. So here’s what my bill does: It says no more trading of stocks by members of Congress.
“In fact, no more ownership of stocks by members of Congress. If you want to save, fine, put it in a mutual fund like most Americans do. But Nancy Pelosi is the perfect example of what should not be happening in D.C., which is people getting rich out in the stock market, off of information they know because they’re a member of Congress.”
Hannity then interjected, asking “And Pelosi, what, traded between $1 million and $5 million in stocks for semiconductors only days before Congress allocated $52 million to the industry? Am I right on that, Senator?”
Regarding Speaker Pelosi’s stock trades, Senator Hawley stated that while her behavior is a blatant example of congressional insider trading, she is undoubtedly not the only one to engage in such behavior. He added that this was a sign of how many members profit financially from their positions and the insider knowledge they have access to.
“That’s the report, Sean, and there’s lots of reports like that with her, with her family and other members of Congress.
“I mean, this is a problem that has been going on for years, and she is just a perfect example of how rich people can get by using their information.
“Listen, insider trading is already illegal, and we’re talking here about members of Congress, the briefings that they get, the information that we have from he. It’s, it’s information that most Americans don’t have because, of course, that’s why they send us to Congress is to do their business, not to turn that around and to get rich off of it. That’s why I call it the PELOSI Act. We need to act right now.”
