House Speaker Nancy Pelosi (D-CA) is working with the House Administration Committee on a plan to ban members of Congress from making stock trades. The move from Pelosi signals a change in her view on this issue.
“If that’s what the members want to do, then that’s what we will do,” Pelosi told reporters on Wednesday, Feb. 9.
“This is a free market and people – we are a free market economy,” Pelosi said in December when asked about limiting trades for Members. “They should be able to participate in that.”
Members of Congress have long been accused of insider trading. In 2012, President Obama signed the STOCK Act into law, hoping to address the issue. The STOCK Act says members must quickly and publicly announce all stock trades made by themselves, their spouse, or their dependent children.
Both chambers of Congress have bills introduced that would limit Members’ ability to trade stocks while in office.
“We don’t think that Members of Congress ought to be capitalizing on their positions of power as public servants when you’re making really important decisions,” Rep. Chip Roy (R-TX) said in support of his bipartisan bill. “You shouldn’t be sitting there and making profits while you’re in public office.”
Pelosi announced the House Administration Committee is looking into all of the bills introduced on this topic to see how to proceed.
“I’d said that certain criteria that I wanted to see, whatever whatever design they have for that, that’s one, but the other iswe have to tighten the fines on those who violate the Stock Act,” Pelosi said. “It’s a bit, it’s simply not sufficient to deter behavior.”
“I do believe in the integrity of people in public service. I want the public to have that understanding,” Pelosi said. “We have to do this to determine something that we see as a problem, but it is a confidence issue.”
THE DEMOCRATIC DIVIDE IS ONCE AGAIN REARING ITS HEAD.
THIS TIME WHEN IT COMES TO BANNING STOCK TRADing FOR MEMBERS..
Something we looked at in a recent get this straight.
SPEAKER NANCY PELOSI ANNOUNCED SHE HAS TOLD THE HOUSE ADMINISTRATION COMMITTEE TO START RESEARCHING IT.
BUT VIRGINIA DEMOCRAT ELAINE LURIA TOLD PUNCHBOWL THE WHOLE IDEA OF THIS IS “BULLSHIT.”
AND JUST TWO MONTHS AGO.. PELOSI AGREED WITH HER ON PRINCIPLE.
TAKE SOT-Nancy PELOSI
<<”This is a free market and people – we are a free market economy. They should be able to participate in that,”>>
TAKE SOT- Nancy PELOSI
<<“We have to do this to determine something that we see as a problem, but it is a confidence issue.”>>
LURIA SAYS THE BAN IMPLIES VOTERS ASSUME MEMBERS ARE GOING TO MAKE STOCK TRADES THAT BENEFIT THEMSELVES.
IT SHOULD BE NOTED… LURIA AND HER HUSBAND HAVE MILLIONS OF STOCK IN FACEBOOK, NVIDIA AND NETFLIX.
CONGRESS ALREADY HAS THE STOCK ACT.. WHICH SAYS MEMBERS, THEIR SPOUSES AND DEPENDENT KIDS MUST PUBLICLY REPORT STOCK TRADES..
75 PERCENT OF VOTERS IN A RECENT POLL SAY THAT EVEN WITH THAT… MEMBERS HAVE AN UNFAIR ADVANTAGE WHEN IT COMES TO THE STOCK MARKET… SAYING THEY SHOULDN’T BE ALLOWED TO MAKE TRADES.
SENATE MINORITY LEADER Mitch McConnellSAID HE DOESN’T KNOW ENOUGH ABOUT THE PROPOSALS TO COMMENT.. BUT THAT HE IS AWARE HOW STOCK TRADES CAN LOOK.
TAKE SOT- SEN. MITCH MCCONNELL
<<”I can just tell you how I operate. I don’t own any individual stocks. Everything is done in a mutual fund. That’s what I advise members to do because I think it prevents such suggestions that you are engaged in insider trading.”>>
THERE ARE SEVERAL BILLS.. FROM BOTH SIDES OF THE AISLE… ABOUT THIS ISSUE AND PELOSI SAID SHE WANTS TO TAKE THE BEST PARTS OF ALL OF THOSE FOR THE PROPOSAL.
TAKE SOT- Nancy Pelosi
<<“we have to tighten the fines on those who violate the Stock Act. “It’s a bit, it’s simply not sufficient to deter behavior.”>>
THIS ISSUE IS A DIVISIVE one.. BUT IT isn’t really a partisan one… a change for Capitol Hill.
Straight from dc I’m AA