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There has been growing support among lawmakers in Congress to ban sitting members from trading stocks. Prior to her previous opposition, House Speaker Nancy Pelosi appears to move towards supporting the proposal banning sitting lawmakers from trading stocks.
According to Punchbowl News, citing different sources, Pelosi appears to be changing her tune on the notion of sitting elected officials trading stocks while currently serving in their offices. Pelosi previously opposed the notion, but a growing number of lawmakers appear to feel differently.
The House Administration Committee is already drafting a proposal that would then be sent to Pelosi for her approval. According to the report by the outlet, Pelosi and other House Democratic leaders are apparently looking into revising the 2012 STOCK Act along with other laws such as the Ethics in Government Act, and are already working on other details that include how such a piece of legislation would affect the stock activity of the family members of the lawmakers.
The ban would also cover senior congressional staffers and federal judges from trading stocks while serving.
This change also follows news of Senate Majority Leader Chuck Schumer hinting that he will help push a stock trading ban forward. According to government watchdog Citizens for Responsibility and Ethics in Washington, the shift “is a big deal” and more and more members of Congress are feeling the pressure to take a stance on the issue.
The issue stems from a recent analysis revealing that members of Congress and their family members have traded around $355 million worth of shares in major corporations in 2021.
In other related news, Pelosi ripped into House Minority Leader Kevin McCarthy and the GOP following his comments on the Republican National Committee’s censuring of Reps. Adam Kinzinger and Liz Cheney and calling the January 6 insurrection a “legitimate political discourse.” Kinzinger and Cheney were censured for serving on the congressional committee probing the incident.
“Republicans seem to be having a limbo contest with themselves to see how low can they go,” said Pelosi during the weekly press conference. “They seem to have reached rock bottom with their statement that what happened on January 6 was normal political discourse – legitimate, legitimate political discourse.”
“It’s disturbing to see that the Republican leader of the House ran – actually literally refused to condemn that resolution of legitimate political discourse. He literally ran away from the press when he was asked about his position,” said the House Speaker.
