The bill was supported by some representatives of both the Republican and Democratic parties.
A new bill has been submitted by Senator Josh Hawley, this bill is expected to refrain members of Congress from trading and possessing stocks, leveraging the name of his legislation to criticize the investment activities of Rep. Nancy Pelosi and her family.
Hawley, on Tuesday, introduced the Pelosi Acr, also called the Preventing Elected Leaders from Owning Securities and Investments Act. The act has renewed a legislative boost to diminish stock trading by legislative members that had previously not been effective.
According to Hawley in a tweet, members of Congress and their spouses shouldn’t be exploiting their power to make money on trading stocks.
Hawley, similar to several other Republicans, had targeted the former Speaker and her family for initiating the ban on stock trading by members of Congress.
During the last year, Pelosi’s husband Paul Pelosi was found selling millions of dollars worth of shares of a computer chipmaker as the House readied itself to vote on a bill specifically focused on domestic chip manufacturing.
Paul Pelosi, according to a spokesperson, allegedly sold his shares at a loss ultimately.
The bill was supported by members of both parties, a consequence of Sen. Richard Burr emptying stocks at the beginning of the coronavirus pandemic. The securities and exchange commission very recently concluded an investigation of his trading practices and refrained from taking concrete action.
Legislative bodies are, however, not being able to manufacture a scheme that allows enough backing from both factions in Congress. Democrats, last year, discarded the decision to vote on this legislation before midterm elections after Pelosi overturned the course and communicated his approval to other members voting for stock trading reform.
In addition to Hawley’s bill, a bipartisan couple in the House has disclosed a bill this year on the subject. Reps. Abigail Spanberger and Chip Roy brought along the Trust in Congress Act this month, commemorating the pair’s third time introducing legislation.
The bill is a byproduct after discoveries from last year that claimed that Nancy’s spouse, Paul Pelosi, traded approximately one million dollars and 5 million of stocks for semiconductors a few days before Congress allotted around 50 million in USD to the industry. The stocks were subsequently traded at a massive loss to eliminate the impression of improperness.
The bill, presently, expects the President of the US, the Vice President, a particular executive branch employee, the Postmaster General, some civilian employees, and judicial officials to file a report that comprises the source, type, and value of income accumulated from any source separate from their current employment.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.