(FamilyConservationPAC.com) – The “PELOSI Act,” sponsored by Sen. Josh Hawley (R-MO), would forbid members of Congress and their families from owning or trading stocks.
Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act is a piece of legislation that references former House Speaker Nancy Pelosi (D-CA).
She came under fire last year after her husband, Paul Pelosi, purchased up to $5 million in a semiconductor company just as the Senate passed legislation to heavily subsidize the semiconductor industry.
Wonder why they are calling it the Pelosi Act?
Just look at the insider trading and corruption from Nancy and Paul Pelosi!
This legislation must be put in place. Moreover, the Pelosi's must be investigated, charged and prosecuted accordingly.
— EAS ?? (@SimpIy4Truth) January 25, 2023
Pelosi also participated in a group of Republicans and Democrats who invested hundreds of millions of dollars in stock trades in 2021 and outperformed the market.
According to reports, there were other representatives like Austin Scott (R-GA), Brian Mast (R-FL), French Hill (R-AR), John Curtis (R-UT), and Dan Crenshaw (R-TX), who faired well.
I have just released the full trading report on politicians in 2021.
In short, many beat the market.
They traded more than ever before.
And they made numerous unusually timed trades, resulting in huge gains.
— unusual_whales (@unusual_whales) January 10, 2022
Hawley said the practice needs to stop and that he sponsored legislation to that effect last year.
Hawley said that “politicians in Washington have exploited the economic system they make the rules for far too long, turning profits for themselves at the expense of the American people.”
He continued, “Yet they continuously purchase and sell stocks, outperforming the market time and time again, despite the fact that as members of Congress, both Senators and Representatives are responsible for providing oversight of the same firms they trade in.”
Members of Congress and their spouses would not be permitted to hold, acquire, or sell equities while in office under Hawley’s PELOSI Act.
According to the law, members and their spouses have six months from the time they take office to sell any stocks they own or transfer them to a blind trust.
Members of Congress would be required to relinquish any profits to the US Treasury if they or their spouses were found to be in breach of the laws.
Additionally, violators wouldn’t be able to write off such losses when filing their taxes.
According to the proposed law, the House and Senate ethics committees could fine members of Congress for such offenses and be obligated to make those fines public to the American people.
The Government Accountability Office (GAO) would be mandated by the law to audit Congress members to ensure they abide by the regulations.
According to Hawley, hardworking Americans pay the price. At the same time, Wall Street and Big Tech collude with government politicians to profit themselves. “The answer is simple: we must immediately and indefinitely outlaw stock trading by all members of Congress.”
Most American voters strongly support prohibiting members of Congress and their families from trading stocks.
According to a Trafalgar Group survey conducted last year, 76 percent of respondents think Congress has an “unfair edge” in the stock market. Only 5% are in favor of allowing congressional stock trading.
Should members of Congress be banned from trading stocks while serving the people?
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