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Republican Sen. Josh Hawley of Missouri is putting together a piece of legislation that has Nancy Pelosi written all over it but it’s not flattering. Nancy and her husband Paul have had a remarkable ability to pick stock trades that explode in value to the point of having members of Congress question them. The Act doesn’t mention her in particular but it’s worded as such so as to leave no question as to its aim.
The Pelosi Act
The proposal is the “Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act.” The bill was announced Tuesday morning on Twitter.
Hawley tweeted, “Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today I’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act.”
Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today l’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act pic.twitter.com/aIXNwSnTvW
— Josh Hawley (@HawleyMO) January 24, 2023
Hawley put out a statement
“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people. As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again. While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price. The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”
The Pelosi household has done very well in the stock market, having increased their net worth since 2008 by staggering $140 million. The problem is they made profitable trades “in companies [Nancy Pelosi] has worked to subsidize.”
Pelosi never acted on it
She expressed support on it last year but conveniently left it alone. The bill might be a tough sell in the Senate. It lays out easy to follow rules about investments by members of Congress.
It gives people the chance to put earnings from those stocks aside while in office and giving them six months to do it. Apart from banning members from “holding, acquiring, or selling stocks or equivalent economic interests during their tenure in elected office,” this would give people six months to “divest any prohibited holdings or place those holdings in a blind trust for the remainder of their tenure in office.”
