Pelosi’s New Bill Prohibits Stock-Trading For Lawmakers — Will It Pass?
(ReliableNews.org) – On September 13, The New York Times analyzed trading activities for members of Congress. They found that nearly 200 legislators or members of their families traded stocks over the past three years. The NYT concluded those purchases and sales could have been influenced by the knowledge the lawmakers gained on the job.
The legislators denied any wrongdoing, but that wasn’t the first time such an accusation has come to the surface. On September 27, House Democrats introduced the Combating Financial Conflicts of Interest in Government Act, which would ban those in the federal government from trading stocks. Most surprising, the measure was backed by House Speaker Nancy Pelosi (D-CA).
Details About the Bill
The California lawmaker and her husband have been the subject of questionable trading practices for quite a while. Pelosi was initially against such a bill, making this an interesting move by the long-time politician. If passed, the act would not only ban trading in the stock market, cryptocurrencies, commodities, and futures, but those with such investments would have to either sell off their holdings or put them into a qualified blind trust.
The legislation would also incorporate steeper penalties for any violations and encompass more than just congressional members. The law would rope in Supreme Court justices, the president, vice president, and lawmakers’ senior staff members.
A recent poll conducted by Data for Progress shows that 77% of those surveyed support such legislation banning Congressional members and the like from trading stocks.
NEW POLL: 77% of Americans support legislation to ban members of Congress from buying and selling individual stocks, including 75% of Independents and Republicans. pic.twitter.com/qrVmihUJBe
— Data for Progress (@DataProgress) September 29, 2022
In fact, the majority of voters across all parties believe members of Congress should not participate in investment trading. Also, it seems the bill has some bipartisan support with Senate Minority Leader Mitch McConnell (R-KY) and House Minority Leader Kevin McCarthy (R-CA) previously stating they could get behind the ban — joining Pelosi.
Will It Pass?
There were only a few Democrats who opposed the bill, one of those being House Majority Leader Steny Hoyer (D-MD), who controls the floor. He told Insider he would not present the bill for a vote this week. The reason? Many feel there’s simply not enough time to read and digest the text in time to vote on the matter. That means the 26-page legislation will not likely receive attention until after the elections in November. After the midterms are over, some believe lawmakers will not feel the need to cave to “public pressure,” putting its eventual passage in question.
With Pelosi’s future in Congress currently unknown, why do you think she chose to push this particular piece of legislation at this time?
Copyright 2022, ReliableNews.org