• Investing
  • Stock
  • Economy
BigMoneyHall.com – Investing and Stock News
  • Editor’s Pick
  • Latest News
Latest News

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

by January 25, 2023
by January 25, 2023

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
0 comment
0
FacebookTwitterPinterestEmail

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

Related Posts

China escapes unscathed following world leaders UN summit:...

October 1, 2023

Who will be the next GOP presidential candidate...

October 1, 2023

Supreme Court prepares for new term by looking...

October 1, 2023

Democratic lawmaker falsely claims House Republicans tried to...

October 1, 2023

I’ve been an actor for over 40 years,...

October 1, 2023

McCarthy’s speakership in peril after House passes stopgap...

October 1, 2023

House adopts ‘clean’ stopgap funding bill possibly averting...

October 1, 2023

Prosecutors cite Trump’s ‘death’ comment about Milley in...

October 1, 2023

Tensions reach boiling point in House GOP meeting...

September 30, 2023

Forget Swift’s Eras Tour, Taylor looks likely to...

September 30, 2023
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Recent Posts

  • China escapes unscathed following world leaders UN summit: ‘Exhaustion has set in’

    October 1, 2023
  • Supreme Court prepares for new term by looking back, with likely impact on 2024 elections

    October 1, 2023
  • Who will be the next GOP presidential candidate to drop out of the 2024 race?

    October 1, 2023
  • Democratic lawmaker falsely claims House Republicans tried to ‘provide themselves with a pay raise’

    October 1, 2023
  • House adopts ‘clean’ stopgap funding bill possibly averting shutdown

    October 1, 2023
  • McCarthy’s speakership in peril after House passes stopgap funding bill: ‘Go ahead and try’

    October 1, 2023

Editors’ Picks

  • 1

    Heads Up: Bulls Get Benefit of the Doubt as Positive Breadth Divergence Emerges

    January 23, 2023
  • 2

    Pentagon says US detected third flying ‘object’ over Alaska a day before shooting down over Canada

    February 12, 2023
  • 3

    Importance of Data Masking Techniques in IoT Landscape: 2023 and Beyond

    January 23, 2023
  • 4

    US possibly scammed out of tens of millions by Wuhan Lab: reports

    March 14, 2023
  • 5

    Ted Cruz rips Buttigieg at CPAC: ‘What the hell does this guy gotta do to get fired?’

    March 3, 2023
  • 6

    Oil, Energy, and Related Stocks of Interest

    February 26, 2023
  • 7

    What Are Cash-Settled Options?

    February 23, 2023

Categories

  • Economy (13)
  • Editor's Pick (294)
  • Investing (77)
  • Latest News (3,024)
  • Stock (971)

Latest News

  • Kentucky Gov. Beshear announces $386M investment in high-speed web infrastructure

    September 6, 2023
  • Senate Democrats demand Chief Justice Roberts open investigation into Clarence Thomas over ‘misconduct’

    April 11, 2023
  • South Dakota Gov. Noem breaks longstanding tradition, foregoes press conferences

    January 28, 2023

Investing News

  • Stefanik takes aim at ‘unacceptable’ Blinken trip to China after foreign hackers accessed govt emails

    July 15, 2023
  • Wall Street’s Hunger Games Are Now Complete

    May 21, 2023
  • GOP senators insist Biden ‘will negotiate’ on debt ceiling, budget reform: ‘Better to start now’

    January 26, 2023
  • About Us
  • Contacts
  • Email Whitelisting
  • Privacy Policy
  • Terms and Conditions

Disclaimer: BigMoneyHall.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 © 2023 BigMoneyHall.com. All Rights Reserved.

BigMoneyHall.com – Investing and Stock News
  • Investing
  • Stock
  • Economy
BigMoneyHall.com – Investing and Stock News
  • Editor’s Pick
  • Latest News
BigMoneyHall.com – Investing and Stock News
  • Investing
  • Stock
  • Economy
BigMoneyHall.com – Investing and Stock News
  • Editor’s Pick
  • Latest News

Disclaimer: BigMoneyHall.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 © 2023 BigMoneyHall.com. All Rights Reserved.

Read alsox

Liberal city’s costs for sheltering migrants nears...

September 20, 2023

Biden’s key immigration policy allowing hundreds of...

August 21, 2023

Choosing your opponent: Why Democrats are bashing...

July 6, 2023