Should Congress Members Be Banned from Stock Trading Like Trump Suggests with the “PELOSI Act”?

Should Congress Members Be Banned from Stock Trading Like Trump Suggests with the “PELOSI Act”?

Here’s The Scoop

Senator Josh Hawley, a Republican from Missouri, is once again championing a cause that resonates with many Americans who are fed up with the political elite profiting off insider knowledge. On Monday, he’s reintroducing his bold legislation aimed at banning members of Congress and their spouses from trading stocks while serving in office.

Hawley’s initiative, cleverly named the “PELOSI Act,” was first introduced in 2023 but faced roadblocks under President Joe Biden’s administration. However, this common-sense proposal is gaining traction across party lines, and even former President Donald Trump has voiced his support, stating he would “absolutely” sign such a ban if it landed on his desk.

“Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,” Hawley emphasized in a statement to Fox News Digital. It’s a sentiment that echoes the frustration of countless Americans who have watched politicians profit from information unavailable to the public. Hawley argues that it’s high time to restore trust in our legislative body by banning all members of Congress from trading and holding stocks.

Under Hawley’s proposal, lawmakers and their spouses would be prohibited from holding, purchasing, or selling stocks while in office. However, they would still be allowed to invest in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds. This balanced approach ensures that lawmakers can still invest responsibly without the temptation of insider trading.

If the legislation passes, current lawmakers would have 180 days to comply, while newly elected officials would have the same timeframe upon taking office. Those who flout the rules would be required to surrender any ill-gotten gains to the U.S. Treasury Department, with additional fines possible from the House or Senate ethics committees.

Even Democrats are starting to see the light, with House Minority Leader Hakeem Jeffries recently backing the proposal. It’s a rare moment of bipartisan agreement that underscores the importance of this issue.

Former President Trump, in an interview with Time Magazine, didn’t mince words about the need for such a ban. He pointed to Nancy Pelosi as a prime example of a politician who has enriched herself through insider information, and he made it clear that he would support a trading ban if given the chance.

As Americans grow increasingly weary of political double standards, Hawley’s “PELOSI Act” represents a crucial step toward accountability and transparency in Congress. It’s about time our elected officials prioritize the interests of their constituents over their own financial gain.

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