Paul Pelosi

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Congress Moves Closer to Banning Stock Trading by Officials, Sparks Debate

A legislative effort to prevent members of Congress from profiting from their positions through stock trading is gaining momentum, a move championed by Senator Josh Hawley as fulfilling a long-held public desire.The proposed bill aims to curb the practice of lawmakers leveraging non-public information for personal financial gain, a concern that has intensified in recent years, particularly during the COVID-19 pandemic when disclosures revealed notable trading activity by elected officials coinciding wiht critical health updates. Existing insider trading regulations frequently enough fall short of addressing the unique information accessible to those in government.

The legislation, if enacted, would promptly prohibit elected officials, including the President, from purchasing stocks.Furthermore, it would impose a 90-day waiting period on selling stocks after the bill’s enactment. While officials would be required to divest from certain investments, this divestment would not commence until the beginning of their subsequent term, a provision that would exempt former president Trump from immediate action.

The path to passage has not been without contention. During a committee hearing, Republicans proposed amendments to exempt the President, Vice President, their spouses, and dependent children from the ban. Another amendment sought a report on the trading activities of the Pelosi family. Both proposals were ultimately defeated, with Senator Hawley aligning with Democrats in their rejection.

Senator gary Peters expressed optimism, stating, “We are one step closer to getting this bill passed into law and finally barring bad actors from taking advantage of their positions for their own financial gain.” Speaker Nancy Pelosi also voiced strong support, emphasizing the public’s need for confidence that their leaders prioritize public service over personal wealth. She acknowledged the initial Republican proposal, dubbed the “Pelosi Act,” which had a more targeted focus on lawmakers.

However, not all Republicans are in agreement.Senator Ron Johnson of Wisconsin criticized the bill as “legislative demagoguery,” arguing that existing insider trading laws and financial disclosure requirements are sufficient.

The debate over the stock trading ban follows a recent instance where former President Trump publicly criticized Senator Chuck Grassley. Trump had urged Grassley to abandon the Senate’s “blue slip” tradition,a practice that typically requires bipartisan support for federal judicial nominations. Trump’s call for Grassley to “step up” came after claiming to have aided the senator’s reelection. Senator Grassley reportedly expressed offense at Trump’s remarks.