Outrage has been increasing over the unethical greed and corruption behind some lawmakers’ stock trades, believing that they use insider tips to turn a hefty profit.
Many are crying out for Congress to take action, and it appears they have heard these demands: introducing a bill that would not only fine members of Congress found guilty of stock trading, it would force them to be at risk of being sentenced to prison!
Daily wire reports, members of Congress are renewing their efforts to prevent their colleagues from trading individual stocks.
There have been allegations that some prominent lawmakers used their intimate knowledge of forthcoming regulations to purchase stocks at opportune times or sell shares in order to mitigate losses. On Tuesday, Representatives Pramila Jayapal (D-WA), Matt Rosendale (R-MT), and Rep. Ken Buck (R-CO) introduced legislation banning lawmakers and their spouses from trading individual stocks, bonds, commodities, and futures, as well as establishing a $50,000 civic penalty for each violation enforced by the Department of Justice and the Office of Special Counsel.
In a press release from the lawmakers stating “It’s past time for Washington to do the right thing and ban members of Congress from using their elected position to enrich themselves. Members of Congress receive information that the public does not, it is inappropriate for elected officials to then turn around and invest or buy stocks using that insider information. The American people must have trust that Congress uses this information only to conduct official business, not benefit a stock portfolio.”
During the transition period, newly elected members of Congress can divest their stocks and defer taxation on gains from investments they are forced to sell.
In an analysis published last year by The New York Times, 97 lawmakers or their immediate family members bought or sold assets related to their legislative committee work between 2019 and 2021. While their spouses were in leadership roles, Paul Pelosi, an investor and husband of former House Speaker Nancy Pelosi (D-CA), and Elaine Chao, a prominent Republican who served as Transportation secretary and wife of Senate Minority Leader Mitch McConnell (R-KY), traded individual stocks.
While most politicians see their net worth rise dramatically from being in office, a former president lost Billions in net wealth.
NY Post reports, Nancy Pelosi’s net worth has ballooned since the 2008 financial crisis thanks to her husband’s lucrative stock trades.
Pelosi – who recently backed a ban on lawmakers and senior government officials trading – has seen her assets rise by $140 million.
The speaker, one of the richest members of Congress, has vehemently denied sharing any information with her spouse — a venture capitalist.
Many, however, have questioned Paul Pelosi’s trades that coincided with major congressional decisions.
A week before the House considered a bill providing more than $50 billion in subsidies to domestic semiconductor manufacturers, he exercised call options to buy up to $5 million in graphics card manufacturer Nvidia.
In a press conference Nancy Pelosi was questioned about her trade decisions, and her response was shameful.
In her financial disclosure statement, Pelosi reported a net worth of $196.4 million for 2022.
In a groundbreaking move, Congress has proposed exacting penalties on lawmakers found guilty of stock trading. Whether by greed or by shady dealings, it’s clear that insider tips and corporate greed have gone unchecked for too long, leading to questions about illegal activities and corruption in the halls of power. No longer can lawmakers get away with these unfair practices; with a $50,000 penalty attached to stock trading, it appears that Congress is taking seriously its job of ensuring truth and justice. It remains to be seen whether this controversial bill will actually be passed into law, but if it does, the message is sure to penetrate: greed and corruption are no longer welcome in American politics.
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