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HomeAll Ch00 Ch00 NewsHawley Introduces ‘PELOSI Act’ To Ban Congress From Insider Trading

Hawley Introduces ‘PELOSI Act’ To Ban Congress From Insider Trading

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epublican Missouri Sen. Josh Hawley introduced legislation Tuesday that would prohibit members of Congress from trading individual stocks.

Hawley’s Preventing Elected Leaders from Owning Securities and Investments (PELOSI)Act requires members and their immediate family members to place stocks in qualified blind trusts. If members do not do so, they must forfeit the stock to the U.S. Treasury, according to the legislation. The senator introduced similar legislation in the 117th Congress.

“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 said in a statement. “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.”

Former Speaker of the House Nancy Pelosi, reportedly one of the wealthiest members of Congress, opposed bans on stock trading in the 117th Congress. Pelosi and her husband Paul bought and sold millions in stocks, including chip stocks just before Congress passed a semiconductor subsidy package in 2022.

 

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