27 House representatives from both parties including Rashida Tlaib, Katie Porter and Matt Gaetz sent a letter to Nancy Pelosi and Kevin McCarthy urging them to pass legislation that would bar Congress from trading stocks.
On Monday, a group of 27 House representatives sent a letter to House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy urging them to pass legislation that would bar Congress from trading stocks.calls such a ban a “common-sense” move that has the support of both Democrats and Republicans in the chamber.
Both bills would bar members of Congress and their spouses and dependent children from trading stocks while in office. Aside from certain investments like those in diversified mutual funds or U.S. treasury bonds, portfolios would have to be put in a blind trust.on the issue last week. While she doesn’t “buy into” the issue, she said, the speaker said that she would be open to supporting her caucus if members are in favor of the ban.
“The law prohibits only those stock trades that members of Congress make or direct because of their nonpublic knowledge,” the lawmakers wrote, referring to a 2020 stock trading scandal involving several senators making trades after receiving confidential information on the pandemic’s economic effects. “But it can be nearly impossible to determine what counts as ‘nonpublic knowledge’ or how personally involved members are in their stock trades.
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