Congressional stock trading ban gains momentum with support from Pelosi
After initally opposing such an initiative, House Speaker Nancy Pelosi (D-Calif.) is open to a congressional stock trading ban, Axios reports, per Punchbowl News.
At Pelosi's direction, "the House Administration Committee is working on drafting the rules" for a ban, "and the legislation is expected to be put up for a vote this year, likely before the November midterm elections," notes CNBC.
The movement to limit or prohibit members of Congress from owning a stock is already one with bipartisan support across both the House and the Senate, notes Axios. In January, 27 representatives from both sides of the ideological spectrum signed a letter urging Pelosi and House Minority Leader Kevin McCarthy (R-Calif.) to consider a ban for lawmakers. And in the Senate, Sens. Elizabeth Warren (D-Mass.) and Steve Daines (R-Mont.) have teamed up to draft their own version of a policy.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"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.
What exactly the ban will prohibit — whether lawmakers' family members can still trade, what type of investments are off limits, etc. — still remains to be seen, but Pelosi's support "represents a significant shift for the speaker," especially considering her husband is an active trader, notes CNBC and Axios.
Pelosi had previously told reporters in December that the U.S. is a "free-market economy," and lawmakers "should be able to participate in that" — though she may have cracked the door to some sort of rules change after the fact.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
‘Social media is the new tabloid’Instant Opinion Opinion, comment and editorials of the day
-
Can the NBA survive FBI’s gambling investigation?Talking Points A casualty of the ‘sports gambling revolution’
-
How are ICE’s recruitment woes complicating Trump’s immigration agenda?TODAY’S BIG QUESTION Lowered training standards and ‘athletically allergic’ hopefuls are hindering the White House plan to turn the Department of Homeland Security into a federal police force
-
Trump vows new tariffs on Canada over Reagan adspeed read The ad that offended the president has Ronald Reagan explaining why import taxes hurt the economy
-
NY attorney general asks public for ICE raid footageSpeed Read Rep. Dan Goldman claims ICE wrongly detained four US citizens in the Canal Street raid and held them for a whole day without charges
-
Trump’s huge ballroom to replace razed East WingSpeed Read The White House’s east wing is being torn down amid ballroom construction
-
Trump expands boat strikes to Pacific, killing 5 moreSpeed Read The US military destroyed two more alleged drug smuggling boats in international waters
-
Trump demands millions from his administrationSpeed Read The president has requested $230 million in compensation from the Justice Department for previous federal investigations
-
Trump nominee in limbo after racist texts leakSpeed Read Paul Ingrassia lost Republican support following the exposure of past racist text messages
-
Trump begins East Wing demolition for ballroomspeed read The president’s new construction will cost $250 million
-
Appeals court clears Trump’s Portland troop deploymentSpeed Read A divided federal appeals court ruled that President Trump can send the National Guard to Portland
