A proposed bill, endorsed by lawmakers from both Democratic and Republican parties, such as the conservative Rep. Matt Gaetz (R-FL) and progressive Rep. Alexandria Ocasio-Cortez (D-NY), aims to prohibit members of Congress from engaging in individual stock trading.
Over the past few years, some notable lawmakers have faced accusations of leveraging their privileged insights into upcoming regulations or economic instability to make advantageous stock purchases and minimize losses by selling shares. In an effort to combat this issue, a legislative measure known as the Bipartisan Restoring Faith in Government Act has been introduced. This bill seeks to forbid lawmakers, their spouses, and their dependents from buying individual stocks or derivatives.
For years, Pelosi and other members of Congress, have been making money insider trading. But here’s something you don’t hear every day— AOC & Matt Gaetz are teaming up to stop it. pic.twitter.com/7TAw6MmioB
— Jesse Watters (@JesseBWatters) May 3, 2023
“The fact that members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America,” Rep. Brian Fitzpatrick (R-PA), who is also sponsoring the bill, said in a statement. “We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information.”
Under this proposed act, lawmakers would still be allowed to hold assets in a qualified blind trust or the federal pension system, as well as widely-held investment funds and government securities.
The Bipartisan Restoring Faith in Government Act is one of several legislative proposals seeking to prohibit individual stock trading by lawmakers and their relatives. Earlier this year, Senator Josh Hawley (R-MO) introduced the Preventing Elected Leaders from Owning Securities and Investments Act, also known as the PELOSI Act. Similarly, two months ago, Representatives Pramila Jayapal (D-WA), Matt Rosendale (R-MT), and Ken Buck (R-CO) proposed a similar bill.
“Members of Congress are spending their time trading futures instead of securing the future of our fellow Americans. We cannot allow the Swamp to prioritize investing in stocks over investing in our country,” Gaetz said.
“When members have access to classified information, we should not be trading in the stock market on it. It’s really that simple,” Ocasio-Cortez said.
In the wake of the collapse of three medium-sized financial institutions, Silicon Valley Bank, Signature Bank, and First Republic Bank, several politicians made stock trades involving bank shares in the past few weeks. As account holders withdrew their funds in panic, these banks failed. According to a periodic transaction report, Rep. Nicole Malliotakis (R-NY) acquired up to $15,000 worth of New York Community Bancorp stock, the company that acquired Signature Bank, shortly after meeting with officials to discuss the bank's failure. Another periodic transaction report revealed that the wife of Rep. Earl Blumenauer (D-OR) purchased up to $15,000 of Silicon Valley Bank stock and sold up to $15,000 of both Bank of America and First Republic Bank stock.
Nancy Pelosi's husband didn't just trade stocks; he traded options on industries that were being affected by legislation Pelosi was pushing.
What he did was wrong. It's time to restore trust in the institution of Congress. pic.twitter.com/QS0r6Ri6Vh
— Kevin McCarthy (@SpeakerMcCarthy) August 20, 2022
Trending Political News
Bill Maher Warns What Republicans Will "Try To" Do When Biden Leaves Office
According to comedian and HBO host Bill Maher, there is a possibility that Republicans might "try to arrest" President Biden once he leaves office due to the indictment of former President Donald Trump.
Maher initiated a discussion with James Kirchick, a columnist for Tablet Magazine, and Winsome Sears, a Republican Virginia Lieutenant Governor, regarding Trump's indictment.
Supreme Court Makes Ruling on Biological Male Running Girls Track
On Thursday, the Supreme Court made a ruling allowing a 12-year-old transgender girl from West Virginia to participate in her middle school's girls' sports teams, despite an ongoing legal battle over a ban.
Initially, attorneys and advocates for Becky Pepper-Jackson had requested that the Supreme Court dismiss an urgent appeal from West Virginia lawmakers seeking to restrict student-athletes to only participate in sports with and against individuals of their biological gender.
Nancy Pelosi Struggles After Embarrassing Gaffe Involving Hillary Clinton
On Monday, Rep. Nancy Pelosi, D-Calif., commended former Secretary of State Hillary Clinton for her leadership on democracy "as Secretary of State," before swiftly correcting herself.
The ex-speaker of the House and Clinton discussed the condition of democracy in the United States and worldwide at a talk organized by Columbia University's School of International and Public Affairs (SIPA).
AOC Accidentally Poses with Conservative Creator and Storms Off When She Find Out Who It Is
On Thursday in the Capitol, Chaya Raichik, a TikTok creator, accused Rep. Alexandria Ocasio-Cortez, D-N.Y., of lying, which led to her storming off. As she left, Ocasio-Cortez also criticized Raichik for being "super transphobic."
At the congresswoman's office, Raichik submitted an ethics complaint alleging that the "Squad" member had defamed her during a House Oversight and Accountability Committee hearing on February 8.
Reporter Corrects White House Press Secretary Directly to Her Face
During a press briefing at the White House, a reporter corrected the White House Press Secretary, Karine Jean-Pierre, regarding the facts of a school shooting that occurred in Nashville, Tennessee, doing so directly in front of her.
According to the police, on Monday, an active shooter, identified as a 28-year-old female, entered Covenant School through a side door and killed three children and three adults. The suspect was confronted by the police on the second floor of the building and was subsequently shot and killed.
Disney Goes 'Woke' With New Lyrics in 'Little Mermaid' Songs
The lyrics in two songs of the upcoming movie "The Little Mermaid" have been modified by Disney, as confirmed by composer Alan Menken.
Composer Alan Menken, who co-wrote the original songs "Kiss The Girl" and "Poor Unfortunate Souls" with the late Howard Ashman, has revealed that the upcoming live-action remake of the beloved 1989 animated classic "The Little Mermaid" will feature several new songs and modifications to these popular old favorites.
Leave a Reply