Former Speaker Nancy Pelosi was trolled by Missouri Sen. Josh Hawley, who reintroduced legislation to ban members of Congress and their spouses from owning and trading stocks.
According to the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, members and their spouses would have six months to divest any holdings or place them in a blind trust – mutual funds, exchange-traded funds, and Treasury bonds would still be allowed.
Those found in violation of the bill would have to return their profits to American taxpayers.
A compliance audit would be conducted by the Government Accountability Office (GAO) two years after the bill was signed.
While she led Democrats in the House, Pelosi was criticized for her husband Paul’s prolific stock trading. Days before a House vote that handed $52 billion to semiconductor producers, Paul unscrupulously purchased $5 million in semiconductor chip stock. In order to avoid the appearance of a conflict of interest, he sold the shares at a loss.
According to the former speaker, she does not discuss stocks with her husband.
“No, absolutely not,” she said last year when a reporter asked if her husband ever made a stock purchase or sale based on information received from her.
There is a combined net worth of around $46 million between the Pelosis.
As of 2012, Congress members must report stock transactions of $1,000 or more by themselves or their family members within 45 days under the STOCK Act. Insider trading laws are also supposed to apply to members of Congress.
Sen. Josh Hawley is not mincing words with his recent introduction of the savagely named ‘PELOSI’ Act. This much-needed bill, if passed, would bar members of Congress and their spouses from monetary gain through the abuse of their power. Though mutual funds, exchange-traded funds, and Treasury bonds would still be available to them, this bill shows Sen. Hawley taking a stand against corrupt influences in our government that use their power for personal gain.