Pelosi Says Congressional Stock Ban Bill Is Ready to Come to a Vote This Month

Long-awaited legislation that would prohibit members of Congress from trading individual stocks will be put to a vote in the next month, House Speaker Nancy Pelosi (D.California), said in her weekly news briefing on Wednesday.

Pelosi revealed that lawmakers have been discussing legislation for months and had made some revelations on Wednesday morning. “We believe we have a product that we can bring to the floor this month,” she said, which she characterized as “exciting.”

It’s unclear what’s in the bill or how much support it will have from Congress, though the general idea does appear to have unusual bipartisan support. Legislators have introduced a number of changes over the past year. wide variety Of BillsAll articles on the topic contain some form of ban.

A ban on stock trading could be a step in the right direction In preventing corruption in CongressIt is supported by advocates who hope it will help prevent legislators directly profiting from legislative actions. There are regulations in place to prevent stock-related conflicts of interests and increase financial transparency for Congressmembers, but these laws are not mandatory. often unevenly enforcedOr they are weak enough to allow them to continue Public trust is being underminedIn lawmakers

The bills are varied in their scope. Sen. Elizabeth Warren’s (D-Massachusetts) Last year, suggestedLegislators should ban members of Congress as well as other top federal officials from this practice. However, the current legislation will likely only focus on members of Congress and their families.

The enforcement mechanisms of the bills are also different. The bill proposed by Senators Jon Ossoff and Mark Kelly (D–Georgia) would require members and their immediate families to put individual stocks into a blind trust while they’re in office, while another bill introduced this year by Warren and Rep. Pramila Jamila Jayapal (D-Washington).This would require spouses and members to sell all individual stocks.

Violators of the Warren/Jayapal law would face a hefty $50,000 fine for each infraction, while Ossoff and Kelly’s bill would impose a fine equal to one years’ salary, which is $174,000 for members and slightly moreFor minority and majority leaders. Other bills, such the one introduced far right by Senator Josh Hawley of Missouri (R-Missouri), would requireMembers are required to return any profits earned from trades to Treasury Department. These penalties could be higher or lower than those under the other two bills.

Pelosi answered a reporter’s question about the status legislation and addressed the issue. recent explosive New York Times reportThe study found that nearly a fifth (five percent) of Congress members have made stock transactions involving companies in industries overseen by committees they are a member of in recent years. This raises serious ethical concerns.

The report found that 97 members of Congress or their families, from both sides of the aisle, made stock trades between 2019 and 2021 that could represent conflicts of interest – in the case of some members, dozens of potential conflicts.

The conservative Democrat was the one with the most potential conflicts. Industries friendlyRep. Josh Gottheimer, New Jersey, with 43 questionable trading transactions. Many of these were in major banks and financial corporations, despite him being on the House Financial Services Committee.

Sen. Elizabeth Warren (D.Massachusetts), reiterated her call for a ban on stock trading in Congress on Tuesday, following the release of the report.

“It’s long past time to ban members of Congress and their spouses from owning and trading individual stocks. It was months ago. I introduced the Senate’s bipartisan only bill to get it done,” she wrote on Twitter. “Congress urgently needs strong reform here — no more delays.”

Indeed, lawmakers have been considering stock bans since the start of this year. However, the proposal has not seen much movement despite being introduced by legislators. Being extremely popularAmong the public. Lawmakers who voted for the ban suggested that Pelosi could have contributed to the delay. In the spring, Rep. Abigail Spanberger (D–Virginia), stated that she thinks Pelosi and Senate Majority Leader Chuck Schumer (D-New York) are “trying to run out the clock” on the proposal.

Pelosi, whose husband an Stock traders are especially activeHaving previously voiced opposition to the proposal, she now supports it. We may have taken a slightly different course after facing backlash.