With Democrats seeing the writing on the wall, they may have just gotten confident enough to push back against Pelosi. Legislation being introduced next month takes aim at one of the ways she drives for power by trading in the stock market. Assets would need to be placed in a blind trust or completely sold off but mutual funds would still be available. The targeted month for legislation to pass is September.
Democrats have had enough
Kyle Griffin tweeted out about Punchbowl News, “Punchbowl News: House Democrats plan to announce a proposal next month to ban lawmakers, their spouses, and senior staff from trading stocks, according to multiple sources close to the issue.”
The Daily Mail noted the structure is such that members of Congress, their spouses and senior staff would need to either put assets in a blind trust or completely sell them off. Mutual funds can still be held.
Punchbowl News: House Democrats plan to announce a proposal next month to ban lawmakers, their spouses and senior staff from trading stocks, according to multiple sources close to the issue.
— Kyle Griffin (@kylegriffin1) July 28, 2022
September is the goal
To pass this. Rep. Zoe Lofgren, D-CA, will be reviewing it “in the coming weeks.” After Speaker Nancy Pelosi’s husband Paul purchased more than $1 million shares in the semiconductor firm Nvidia Democrats have been suspicious.
Congress was working on putting billions into the semiconductor chip industry. That bill was passed Wednesday in the Senate and the House should pass it Thursday.
Reporter: "Has your husband ever made a stock purchase or sale based on info received from you?"
Pelosi: "No, absolutely not."
The Pelosi’s recently bought shares in Nvidia, $NVDA, worth millions.
Nancy Pelosi backs the CHIPS Plus bill, a $52B semiconductor bill. pic.twitter.com/uMNIRVxg44
— unusual_whales (@unusual_whales) July 21, 2022
Democrats are disgusted
Sen. Josh Hawley mailed a letter to Sen. Gary Peters who chairs the Homeland Security and Government Affairs Committee. “This issue of whether and how Members of Congress engage in various financial transactions deserves scrutiny by the Committee. In 2020 Speaker Pelosi and her husband outperformed the S&P 500 by a whopping 14.3 percent.” That’s not right. Most, or 90% of investment funds that are managed do not do that.
Understandably, Nancy isn’t in favor of a ban but insists it has to apply to everybody instead. Pelosi contended, “It has to be government-wide The judiciary has no reporting. The Supreme Court has no disclosure. It has no reporting of stock transactions, and it makes important decisions every day. We’re a free market economy. [Lawmakers] should be able to participate in that.”
Democrats are asking questions
Pelosi was approached about her husband buying those assets. She wasn’t happy.
A reporter asked, “Has your husband ever made a stock purchase or sale based on info received from you?” She responded, “No! Absolutely not, okay, thank you.” She walked away.