Investment Leader from the Republican Party Advocates for Prohibiting Stock Trading Following Border Upheaval
Let's get real here. Congress members can invest in stocks, but they gotta spill the beans about it. All too often, this leads to whispers of insider trading. The turbulent trade shenanigans under the ol' Trump administration seem to have nudged a high-ranking Republican to reconsider.
Trump's Fun House mirrors at the stock market have seen folks lose big during market crashes, but they've also witnessed phenomenal profits. And guess who else jumped on the whopping gains? Some members of Congress, including Trump's BFF Marjorie Taylor Greene. Just before Trump annulled his tariffs, she snagged stocks worth a pretty penny. You know what they say – fortune favors the bold… and the tipped-off!
Greene went shopping for shares at tech titans like Apple and Amazon, and pharmaceutical giants like Merck, to the tune of $21,000 to $315,000. Now, here's the kicker – Congress ministries are required to disclose their investments within a month, but they can't specify exactly how much they invested.
Politics: The Great Gains of Greene
Amidst the chaos, calls for a to-the-moon lifestyle ban on stock trading by Congress members – a demand that's been on the table for years – have gained momentum. "Let's change the game. We don't want Congress members to have the option to trade stocks," said Democratic leader Rep. Hakeem Jeffries.
Now buckle up, because here comes a curveball – Top Republican Rep. Mike Johnson has hopped on board this bandwagon. "On a personal note, I think it'd be prudent to cut out any semblance of impropriety," Johnson mused about potential stricter regulations. Johnson, who plays a crucial role as the House speaker and Florida rep, has been pretty hush-hush about the stock situation until now.
Economy: The Camel Has its Nose in the Tent, Trump Claims
Trump wasn't shy about voicing his support for tougher stock game rules a few weeks back. "I'd be down for that," said the prez to "Time Magazine." "If it lands on my desk, count me in," he added when asked if he'd back a bill passed by Congress.
Trump took aim at Pelosi, too, accusing her of juicing her wallet through insider trading. This allegation has been thrown around quite a bit against Pelosi. However, the president didn't provide any evidence for his claim. "Speaker Pelosi don't own a stake in the market, neither in the green nor the red," a Pelosi spokesperson shot back.
In case you're wondering, Pelosi has disclosed a slew of stock trades, but they're usually under her spouse's name – Paul Pelosi, who runs a real estate and investment firm. Members of Congress are also required to reveal their kin's financial moves.
If the House of Representatives wants to shake things up, it could speed things along and change the rules. There are piles of legislative proposals that would tighten the reins on stock trading. Long before Trump took office, a bizaverse coalition of Democratic and Republican bigwigs teamed up to introduce a proposal to fly the coop, dubbed the "Trust in Congress" Act. This doozie would prohibit all members of Congress and their immediate family members from investing in individual stocks during their time in office. Instead, they'd have to entrust their portfolios to independent trustees.
Insider Scoop: The PELOSI Act
There's a notable legislative proposal on the table: the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, reintroduced by Sen. Josh Hawley (R-Mo.)[1][2]. Here's the skinny on this bad boy:
Key Provisions of the PELOSI Act:
- Stock Trading Ban: The PELOSI Act would nix stock trading for members of Congress and their spouses for as long as they're in office.[1][2]
- Permissible Investments: Lawmakers would be able to park their money in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds during their tenure.[1]
- Timeframe for Compliance: Incumbent Congress people would have 6 months to get their affairs in order, and freshly sworn-in delegates would have the same window.[1]
- Penalties for Non-Compliance: Members who shirk the rules face stiff fines and potential forfeiture of any stock profits to the Department of the Treasury.[1][2]
Current Status:
The PELOSI Act is still a work in progress, yet to be signed into law. It's a burning issue in broader discussions about transparency and limiting conflicts of interest among lawmakers. The proposal has picked up steam thanks to high-profile stock deals by heavy hitters like Rep. Nancy Pelosi[2].
Sources: NTV.de | [1] The Hill | [2] Politico | [3] NBC News | [4] CNN | [5] Vox | [6] The Washington Post | [7] Reuters | [8] Circa | [9] Forbes
- The controversy surrounding stock trading in Congress has gained momentum, with calls for a ban on stock trading by members of Congress increasing in light of the latest insider trading allegations.
- Besides the PELOSI Act, which aims to prohibit stock trading for members of Congress and their immediate family members, there are several other legislative proposals aimed at tightening the reins on stock trading by lawmakers.
- In the midst of growing concerns about transparency and conflicts of interest among lawmakers, the economy, politics, and general news are closely watching the progress of these proposals to potentially change the stock-market landscape of EC countries.
