Hawley got Congress to introduce the “PELOSI Act” to ban stock trading

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Senator Josh Hawley (R-MO) has introduced the PELOSI Act, which would prohibit members of Congress, as well as their family members, from owning or selling stocks.

The law, known as the Elected Officials Prevention of Ownership of Securities and Investments Act (PELOSI), applies to 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, the Senate passed legislation to massively subsidize the semiconductor industry.

Pelosi was also part of a group of Republicans and Democrats who beat the market by hundreds of millions of dollars in stock trading in 2021. Others who have been most successful 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 should end.

“Politicians in Washington have long profited from an economic system that writes their own rules, benefiting themselves at the expense of the American people,” Hawley said in a statement.

“As members of Congress, senators and representatives are tasked with overseeing the companies they invest in, but they buy and sell stocks all the time, outperforming the market time and time again,” he continued.

Hawley’s PELOSI Act prohibits members of Congress and their spouses from owning, buying or selling stock while in office. The law allows members and their spouses to dispose of their shares or transfer them to a blind trust six months after taking office.

If members of Congress or their spouses are found to have violated the law, they must forfeit all benefits granted to the US Treasury. Violators are also prohibited from deducting these expenses from income tax.

The law gives the House and Senate ethics committees full authority to fine members of Congress for such violations and requires them to be reported to the American people. Under the bill, the Government Accountability Office (GAO) would be required to audit members of Congress to ensure they are following the rules.

“While Wall Street and Big Tech work together with elected officials to enrich each other, hard-working Americans are paying the price,” Hawley said. “The solution is clear: We must immediately and permanently ban all members of Congress from selling stocks.”

Banning members of Congress and their family members from selling stocks is very popular with US voters.

Last year, a Trafalgar Group poll found that 76% of Congress believed there was an “unfair advantage” when it came to the stock market. Only five percent authorize stock trading by Congress.

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter Here.

All news on the site does not represent the views of the site, but we automatically submit this news and translate it using software technology on the site, rather than a human editor.

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