Speaker Nancy Pelosi was expected to endorse a ban on members trading stocks. Instead, she said her members were working on...something.
With growing calls for Congress to ban its members from trading stocks, Speaker Nancy Pelosi—expected to announce support for new reforms—came before reporters on Wednesday and instead largely deflected questions about what, exactly, she is prepared to endorse.’ morning newsletter was that Pelosi and House Democrats had “some big news”: They are “working on a ban on members of Congress and senior staff trading stocks.
But Pelosi stopped well short of endorsing a ban on members trading stocks—or even blessing more meager reforms—even as her Senate counterpart, Majority Leader Chuck Schumer , came out in favor of a stock trading ban on Tuesday. Pelosi’s press conference on Wednesday was so closely watched because she remained Capitol Hill’s highest-profile holdout.
The issue has rocketed up to the top of the congressional agenda in 2022, with leaders like Schumer andbacking reforms as well as dozens of rank and file members. A number of competing proposals exist in both the House and Senate, but all of them at least ban sitting lawmakers from buying or selling stock.
Scrutiny on lawmakers’ investment activity exploded at the onset of the COVID pandemic, when news outlets—including—reported on how a handful of lawmakers made advantageous trades after private briefings around the virus threat in early 2020.
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