Senator Josh Hawley (R-MO) has put forward the PELOSI Act, otherwise known as the Preventing Elected Leaders from Owning Securities and Investments Act. This legislation calls to stop legislators and their spouses from trading stocks containing confidential information they have obtained through their roles in the office.
This action is a direct jab at former House Speaker Nancy Pelosi, who has been accused of taking advantage of confidential details to acquire stock.
“Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today l’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act,” The Senator wrote on social media introducing the bill.
Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today l’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act pic.twitter.com/aIXNwSnTvW
— Josh Hawley (@HawleyMO) January 24, 2023
Should the bill pass upon being elected to office, members and their spouses are mandated by law to divest or put any holdings in a blind trust within six months. Additionally, this act does not apply to mutual funds, exchange-traded funds and Treasury bonds purchases. In addition, all profits made by the legislator must be refunded back into the pockets of American citizens.
This bill has widespread approval from both sides of the aisle, with Sens. Jon Ossoff (D-GA) and Mark Kelly (D-AZ) joining Sen. Hawley in introducing similar legislation to tackle corruption and promote officeholder accountability – an essential step forward for our democracy.
One of the reasons why Americans are pushing for the bill is because despite Bidenflation and gas prices member of congress beat the market.
I have just released the full trading report on politicians in 2022.
Despite 2022 being the worst market since 2008, both Democrats & Republicans beat the market.
Many politicians individually beat the market.
And many made unusual trades resulting in huge gains. pic.twitter.com/qDWIJB2spk
— unusual_whales (@unusual_whales) January 3, 2023