• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Top Trading Strategy
No Result
View All Result
Home Breaking News

Congress moves towards banning members from trading stocks

by
February 9, 2022
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Inflation peaking? 10 common consumer items where prices are falling

There’s a new 1% tax on stock buybacks — here’s what it means for your portfolio

Walmart expands abortion coverage for its employees in the wake of Roe v Wade decision

Slowdown in Showings Suggests a Further Decline in Existing Home Sales in August

U.S. House Speaker Nancy Pelosi (D-CA) speaks during her weekly news conference on Capitol Hill in Washington, U.S., February 3, 2022.
Ken Cedeno | Reuters

WASHINGTON — House Speaker Nancy Pelosi and Democratic leaders have greenlighted a plan to craft legislation that would ban members of Congress from trading stock, CNBC confirmed on Wednesday.

At Pelosi’s direction, the House Administration Committee is working on drafting the rules, and the legislation is expected to be put up for a vote this year, likely before the November midterm elections.

In the Senate, several versions of a stock trading ban are under consideration, including one co-authored by progressive Democratic Sen. Elizabeth Warren of Massachusetts and Montana Republican Sen. Steve Daines.

“When you’re elected, you’re here to serve the people, not the elite, and [a stock trading ban] I think is a step forward, an important step forward, to restore the faith and trust of the American people in this institution,” Daines told CNBC on Wednesday.

Many questions remained Wednesday about what types of investments would be prohibited, what incoming members would be required to do to comply with a new law, and whether family members of lawmakers would also be banned from trading stocks.

Nevertheless, Pelosi’s support for a stock trading ban in the House, first reported by Punchbowl News, represents a significant shift for the Speaker, and comes after years of Congressional leaders on both sides of the aisle rejecting the idea of limiting what investments members of Congress can hold.

In the past, House and Senate leaders have claimed that a ban on stock trading would hurt their party’s efforts to recruit the best candidates to run for Congress. Meanwhile, many of their own families have grown wealthy by investing in the stock market, including Pelosi’s.

Yet in recent months, Pelosi and her top lieutenants have come under growing pressure from rank-and-file members to take action and pass a stock trading ban.

These increasingly noisy calls for a ban have been spurred in part by growing public support for a ban on lawmakers trading stocks.

They also reflect the impact of new revelations about how widespread violations are of the current law, the 2012 STOCK Act, which was designed to prevent insider trading and conflicts of interest in Congress.

Last year alone, 54 members violated the STOCK Act rules, according to an analysis by Business Insider published earlier this year.

“The intent here is to ensure that members and their spouses are not trading or holding individual stocks and bonds and so forth,” Daines said Wednesday. “Listen, you put your assets in a blind trust, you’re still aware of what assets were put in that blind trust. That’s just the reality of it, and we’re trying to reduce the conflicts of interest here.”

There are growing signs that the public supports a ban, too. A recent survey commissioned by a conservative advocacy found that 76% of voters believed that lawmakers and their spouses had an “unfair advantage” in the stock market. The same survey, conducted by the Convention of States Action, also found that just 5% of likely voters approved of members of Congress trading stocks.

This is a developing story, please check back for updates.

CNBC Politics

Read more of CNBC’s politics coverage:

Mitch McConnell rips RNC for censuring Cheney, Kinzinger over Jan. 6 riot probe
Vice President Kamala Harris’ spouse, Doug Emhoff, evacuated from a high school due to a bomb threat
National Archives retrieved 15 boxes of Trump White House documents from Mar-a-Lago

Next Post

Nasdaq jumps for a second day as investors continue to buy the January tech dip, Dow up 300 points

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Inflation peaking? 10 common consumer items where prices are falling

by
August 19, 2022
0

A customer shops for eggs in a Kroger grocery store on August 15, 2022 in Houston, Texas. Brandon Bell |...

Read more

Inflation peaking? 10 common consumer items where prices are falling

There’s a new 1% tax on stock buybacks — here’s what it means for your portfolio

Walmart expands abortion coverage for its employees in the wake of Roe v Wade decision

Slowdown in Showings Suggests a Further Decline in Existing Home Sales in August

These are the best-performing S&P 500 stocks this week. Here’s where analysts see them going

Regal Cinemas owner Cineworld shares plummet on bankruptcy reports

Load More

All rights reserved by www.toptradingstrategy.net

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.