Josh Hawley Introduces PELOSI Act To Ban Congressional Members And Their Spouses From Trading Stocks
An anti-corruption bill trolling Nancy Pelosi is certainly an honor she has earned. Pelosi, after all, was the most corrupt Speaker in American history.
Senator Josh Hawley (R-MO) on Tuesday introduced the PELOSI Act, which bans one of Capitol Hill’s most notorious activities, congressional members and their spouses trading and holding stocks. Nancy’s husband Paul Pelosi not only bought $5 million worth of computer chip stocks before a vote on semiconductor legislation in June, but he also purchased over $1 million in Alphabet stock (Google’s parent company) immediately before Democrats introduced a bill banning Congressional stocks in September.
Pelosi laughably denied last summer her husband ever made a stock purchase based on information he received from her. But as The Gateway Pundit previously reported, Pelosi was ranked the top trader in Congress in 2020 and in the top five in 2021.
Here is the full story from Breitbart:
Sen. Josh Hawley (R-MO) has introduced the “PELOSI Act” which would ban members of Congress, as well as their family members, from holding or trading stocks.
The legislation, known as the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, references former House Speaker Nancy Pelosi (D-CA) who was called out last year after her husband, Paul Pelosi, bought up to $5 million in stock in a semiconductor company right as the Senate was passing legislation to massively subsidize the semiconductor industry.
Pelosi was also among a group of Republicans and Democrats who beat the market in 2021 with hundreds of millions of dollars in stock trades. Others who faired the best include Reps. Austin Scott (R-GA), Brian Mast (R-FL), French Hill (R-AR), John Curtis (R-UT), and Dan Crenshaw (R-TX).
Hawley, who introduced similar legislation last year, said the practice must end.
“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,” he continued.
Hawley’s PELOSI Act would ban members of Congress and their spouses from holding, acquiring, or selling stocks while in office. The legislation gives members and their spouses six months after taking office to divest stocks they hold or put them in a blind trust.
If members of Congress or their spouses are found to be in violation of the legislation’s rules, they would have to forfeit any profits to the United States Treasury. Violators would also be prohibited from deducting those losses on their income taxes.
The legislation gives the House and Senate ethics committees full power to fine members of Congress for such violations and would be required to publicize them to the American people. In accordance with the bill, the Government Accountability Office (GAO) would be required to audit members of Congress to ensure they are complying with the rules.
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