Hawley Introduces PELOSI Act to Ban Stock Trades for Lawmakers and Their Spouses

Senator Josh Hawley has introduced legislation that would ban lawmakers in Congress from making stock purchases or trades – dubbed the Preventing Elected Leaders from Owning Securities and Investments – or PELOSI – Act.

The Act gives new members and their spouses six months after first assuming office to divest any holdings or put them in a blind trust.

Should any members or their spouses be found in violation of the Act, they would be directed to “forfeit any investment profits to the American people via the U.S. Treasury.”

“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” Hawley said in a statement.
 
The Missouri lawmaker noted that members of Congress have an uncanny ability, with the knowledge they have of certain market sectors, to outperform the market time and again.

“While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price,” he added. “The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”
  Stock Trades Banned With the PELOSI Act

Don’t get me wrong, you have to love the dig at Nancy Pelosi, whose husband Paul has recently come under fire for some controversial stock trades.

But one has to wonder if the jab at the couple with the playful acronym would dissuade people from supporting legislation for a ban on stock trades in Congress that has bipartisan support.

And there definitely is bipartisan support to stop lawmakers from enriching themselves while serving in Congress. Continue reading full article here.



 

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