• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Josh Hawley introduces PELOSI Act to bar lawmakers from trading stocks and profiting while in office
Economy

Josh Hawley introduces PELOSI Act to bar lawmakers from trading stocks and profiting while in office

by January 25, 2023
by January 25, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

A Republican in the U.S. Senate is looking to prevent lawmakers and their spouses from trading stocks on which the officials would have privileged information and used the bill’s title to make a not-so-subtle dig at former House Speaker Nancy Pelosi.

On Tuesday, Sen. Josh Hawley, R-Mo., introduced the PELOSI Act, officially the Preventing Elected Leaders from Owning Securities and Investments Act, requiring members and their spouses to divest any holdings or put them in a blind trust within six months of entering office.

‘Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today l’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act,’ he wrote on Twitter Tuesday.

The bill comes after revelations last year that Nancy’s husband, Paul Pelosi, traded between $1 million and $5 million of stocks for semiconductors just days before Congress allocated $52 million to the industry. The stocks were later sold at a loss to remove the appearance of impropriety.

Other lawmakers and their spouses have made similarly advantageous trades, including Sen. Richard Burr, R-N.C., who sold investments after receiving classified briefings on the coronavirus pandemic.

Hawley’s bill excludes mutual funds, exchange-traded funds and Treasury bonds purchases.

Hawley’s bill would require any profits made by a lawmaker to be returned to American taxpayers.

It also specifically amends the Ethics in Government Act of 1978, which prohibits using nonpublic information for private profit, commonly known as insider trading — which is already illegal for business leaders and everyday Americans.

The bill currently requires the President of the United States, the vice president, specific executive branch employees, the Postmaster General, some civilian employees, certain members of Congress, and judicial officers to file a report that includes the source, type, and value of income gained from any source other than their current employment.

This bill was previously amended in 2012, when Rep. Louise McIntosh Slaughter, D-N.Y., and Sen. Joe Lieberman, ID-CT, introduced the ‘Stop Trading on Congressional Knowledge Act’ or the ‘STOCK Act’ to help eliminate congressional insider trading.

The legislation, which was signed into law, prohibits lawmakers and employees from utilizing information gained through legislative meetings to profit privately. The act also says lawmakers are not exempt from insider trading prohibitions under securities laws.

It requires congressional lawmakers to report any stock transactions by themselves or their family members of $1,000 or more within 45 days.

The push to prevent lawmakers from privately profiting through their public office has bipartisan support, and Hawley, and others on both sides of the proverbial aisle have initiated legislative action to outlaw such action.

Earlier this year, Hawley introduced a bill that would ban lawmakers from making stock trades while in office. Sens. Jon Ossoff, D-Ga., and Mark Kelly, D-Ariz., introduced similar legislation.

Earlier this month, Reps. Chip Roy, R-TX, and Abigail Spanberger, D-Va., reintroduced a bill that would ban lawmakers and their family members from trading individual stocks or using their public office for ‘political gain.’

The TRUST Act, formally the Transparent Representation Upholding Service and Trust in Congress Act, would require lawmakers and family members to transfer specific investments into a qualified blind trust while serving in Washington.

‘Strengthening our democracy and building true resilience against corruption is not just about preventing unethical decisions, but it is also about addressing the feeling among many Americans that their elected officials and government don’t work for them. This perception is damaging to our democracy, and the TRUST in Congress Act would help build trust and assure the public that Members of Congress are not serving their own financial interests,’ Spanberger said at the time.

She also said the bill would create a ‘firewall between Members of Congress and their investments.’

Original cosponsors of the bill include Reps Scott Perry, R-Penn., Matt Gaetz, R-Fla.,  Jerry Nadler, D-N.Y., Adam Schiff, D-Calif., Dusty Johnson, R-SD, Nikema Williams, D-Ga., Dean Phillips, D-Minn., Chellie Pingree, D-Maine, Angie Craig, D-Minn., Mary Gay Scanlon, D-Penn., Brian Fitzpatrick, R-Penn., Pete Sessions, R-Texas, Grace Meng, D-N.Y. and Joe Courtney, D-CT and more.

This post appeared first on FOX NEWS
You Might Also Like
  • Schumer’s anti-Netanyahu speech strengthens Bibi in Israel’s war to defeat Hamas
  • Palestinian Islamic Jihad spokesman reveals group’s Gaza propaganda playbook
  • Centrist group No Labels scraps bid to launch third-party presidential ticket
  • UAE warns Syria to not get involved in Israel-Hamas war: report
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Trump leads Biden in hypothetical rematch in 2024: Poll
next post
Biden, Trump, Pence under scrutiny for classified records, potentially complicating 2024 White House bids

You may also like

Israel puts $400K bounty on Hamas leader’s head, drops leaflets...

December 15, 2023

Vulnerable Dem incumbents move to the center in key swing...

May 16, 2024

Harris becomes betting market favorite for first time after Walz...

August 8, 2024

Trump announces to crowd he ‘just took off the last...

July 27, 2024

Minority groups sound alarm on AI, urge feds to protect...

June 21, 2023

The Modern Day Forex Market

October 16, 2024

PlayDoge Game – Get The Latest News and much more

September 17, 2024

Comer requests meeting with FBI director after refusal to produce...

May 24, 2023

New Mexico to end COVID emergency March 31

March 4, 2023

South Korea’s prime minister and top presidential officials resign en...

April 11, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Biden says ‘The choice is up...

    July 25, 2024

    Hamas attack on Israel rocks 2024...

    October 10, 2023

    Karine Jean-Pierre calls Biden ‘best communicator’...

    February 15, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here