Friday, January 21, 2022

Momentum builds for ban on Pelosi-style stock trading in Congress

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House Speaker Nancy Pelosi and her husband may be forced to suspend individual stock sales as the two parties step up to ban the practice on Capitol Hill.

Senator John Ossoff (D-Ga.) Plans to introduce a bill in a few days that would bar lawmakers and their family members from selling shares while they are in office.

“I am in favor of banning stock trading by members of Congress,” Ossoff said at a Senate hearing on Tuesday, just days after The Post first announced its plans. “I’m going to introduce a bill this week and make it a law.”

A DC insider told The Post that Ossoff wants his bill to be bipartisan and will not submit it until he is a Republican partner sponsor. He may have found a partner in Josh Howley (R-Mo.) Who said he was considering Ossoff’s offer on Tuesday.

“I’m trying to enforce his legislation as soon as possible, look what’s meant by that,” Howley told Politico. “I think whether it’s the use of large-scale investment funds or the use of blind trust, I think members need to talk a lot about not trading individual shares.”

“I don’t have a personal campaign. It’s a decision my wife and I made, “said Howley.

Ossoff’s bill will likely require lawmakers and their families to blindly entrust their assets – a move that took place a few months after the 34-year-old first senator was elected in January 2021.

Josh Howley (R-Mo.) Said Ossoff is “trying to speed up” the bill and could support it.

Another potential Republican sponsor could be Senator John Hoven (R-ND), the only Republican in the Senate who has blindly entrusted his assets.

Howley’s office declined to comment on whether Ossoff was sponsoring the bill, but Juven’s office did not respond.

Meanwhile, Kevin McCarthy, a minority leader in the House of Representatives (California), said Tuesday that he would consider a ban on stock trading by members of Congress, but did not approve the exact plan.

“If you’re the speaker of the House, you control what comes in, what goes through the committee, you have all the power to do whatever you want – you can’t trade millions of dollars,” McCarthy told The Post. on Tuesday.

Kevin McCarthy
Minority leader Kevin McCarthy (California) said Tuesday he would consider banning stock trading by members of Congress.

Other Republicans in the House of Commons objected to McCarthy’s comments, as an anonymous lawmaker told The Post that the ban was “a short-term political victory against Pelosi and would worsen the condition of members in the long run.”

Some Democrats also shouted when journalists questioned them about a possible ban. Attorney General Jeffris (D-NY) – seen as a possible successor to Pelosi as speaker of the House of Representatives – declined to say whether he supported the ban when asked by Insider on Tuesday.

“I don’t know the law well, it wasn’t presented to me, no one talked to me about it. And, of course, I’m willing to have any conversation with any member, ”Jeffries and the Democrats said,“ and of course Kevin McCarthy doesn’t give a lecture on the ethics of all people. ”

Jeffries’ spokeswoman declined to comment further.

Representative Jeffries (D-NY), a possible successor to Pelosi, declined to say whether members of Congress supported the ban on stock trading.

Senate Majority Leader Chuck Schumer (D-NY) also declined to say he didn’t support the ban on Tuesday – but his colleagues acknowledged that selling individual shares could be a problem.

“I haven’t seen what McCarthy said, but I don’t have any stock and I think it’s the right thing to do,” Schumer told a news conference.

Meanwhile, John Fetterman – a leading Democratic candidate for the Senate in the 2022 primaries in Pennsylvania – opposed the sale of congressional shares on Tuesday.

“Legislators should not benefit from companies they have to regulate based on information behind closed doors that are not available to the public,” Fetterman said.

Chak Shumer
Senator Chuck Schumer (D-NY) said, “I don’t have any stocks and I think that’s the right thing to do.”

Arizona Senate Republican nominee Blake Masters has previously said he supports the ban – Democrats, including Senator Elizabeth Warren (D-Mass.) And lawmaker Alexandria Ocasio-Cortez (D-NY).

A December poll found that while members of Congress were frustrated that they were barred from trading shares, the ban was lifted by 76 percent of U.S. voters, including 70 percent of Democrats and 78 percent of Republicans. and 80 percent of independents support it. Conservative Advocacy Group States Convention.

McCarthy and Sumerian speakers did not immediately respond to requests for comment.

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