It is pretty ironic that the queen of insider trading herself Nancy Pelosi is pushing a ban on lawmakers from trading stocks. Hilarious!
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There are entire websites and reddit chat rooms dedicated to following the trades that nancy pelosi makes, since she always seems to make excellent choices on when to get in and out of stocks, almost like she knows whats about to happen. Now Nancy Pelosi is pushing a bill to ban congress from trading stocks.
The Blaze reports. On Tuesday, Democrats introduced the “Combating Financial Conflicts of Interest in Government Act,” which prohibits federal employees from trading stocks. As a means of preventing future abuses, the legislation is presented as a potential remedy to previously reported conflicts of interest on the Hill.
If passed, this legislation would apply to: members of Congress; all legislative branch officers and employees; the president; the vice president; presidential appointees; federal judges; members of the Federal Reserve Board of Governors; and the Fed’s president. The ban would also affect their spouses and dependent children.
These individuals would be required either to divest their holdings or place them in a qualified blind trust if they were prohibited from trading securities, commodities, futures, cryptocurrencies, digital assets, or any comparable economic interest acquired by synthetic means.
This rich news comes after last months report that many members of congress are guilty of insider trading.
At least 97 current members of Congress bought or sold stock, bonds or other financial assets that intersected with their congressional work or reported similar transactions by their spouse or a dependent child, an analysis by The New York Times has found.
U.S. lawmakers are not banned from investing in any company, including those that could be affected by their decisions. But the trading patterns uncovered by the Times analysis underscore longstanding concerns about the potential for conflicts of interest or use of inside information by members of Congress, government ethics experts say.
On that list was Nancy Pelosi, and other top Democrats and Republicans.
It is always funny how lawmakers go to congress broke, and a few years later they are worth tens of millions of dollars. Now we know why, they always know when the bad things are about to happen. A ban on congress trading stocks is a long time coming.
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