Josh Hawley Introduces Legislation to Stop Congressional Insider Trading
Missouri Senator Josh Hawley recently introduced legislation, dubbed the “Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act”, to prevent lawmakers and their spouses from owning and trading stocks while holding public office.
“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” Hawley declared.
“As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again.”
“While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price,” Hawley added.
“The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”
The bill grants elected officials a six-month grace period to either divest their stock holdings or place them in a blind trust during time in office.
California Congresswoman and former House Speaker Nancy Pelosi is the wife of Paul Pelosi, a San Francisco-based venture capitalist whose net worth is estimated to be over $120 million owing to his technology stocks holdings.
From 2007 to 2020, the Pelosi’ stock portfolio grew by roughly $30 million. The New York Post claimed that the Pelosis made millions through “their ownership in shares of tech behemoths such as Facebook, Google, Amazon, Apple, and Microsoft.”
The Pelosis’ stock gains have prompted bipartisan calls to prohibit legislators from trading in stocks. For elected officials who hold stocks, there is a perceived conflict of interest due to their roles as regulators of certain industries.
It’s unlikely this legislation will pass. Nevertheless, the parasites in the DC Swamp must be stripped of their government privilege. Hawley’s legislation is a good start. Hopefully, in future Congresses, when Republicans have stronger control of both legislative chambers, similar reforms are introduced. Stripping congressmen of their government privileges is long overdue.