Senator Josh Hawley (R-MO) introduced the PELOSI Act, Preventing Elected Leaders from Owning Securities and Investments Act, which seeks to bar lawmakers and their spouses from trading stocks on which the officials have privileged information. This act is a not-so-subtle dig at former House Speaker Nancy Pelosi, who was caught trading stocks based on insider information.
The act requires members and their spouses to divest any holdings or put them in a blind trust within six months of entering office. Furthermore, it excludes mutual funds, exchange-traded funds and Treasury bonds purchases. Any profits made by a lawmaker are also required to be returned to American taxpayers.
“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.
Hawley’s bill 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. It also includes the STOCK Act, which was signed into law and prohibits lawmakers and employees from utilizing information gained through legislative meetings to profit privately.
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 pic.twitter.com/aIXNwSnTvW
— Josh Hawley (@HawleyMO) January 24, 2023
This bill has bipartisan support. In addition to Hawley’s bill, Sens. Jon Ossoff (D-GA) and Mark Kelly (D-AZ) have introduced similar legislation. This is an important step in preventing corruption and holding our elected officials accountable.
In 2022, gas prices soared, and the economy tanked due to Bidenflation, but nevertheless, reports show that members of Congress beat the odds.
I have just released the full trading report on politicians in 2022.
Despite 2022 being the worst market since 2008, both Democrats & Republicans beat the market.
Many politicians individually beat the market.
And many made unusual trades resulting in huge gains. pic.twitter.com/qDWIJB2spk
— unusual_whales (@unusual_whales) January 3, 2023