Nancy Pelosi silent on support for ban on congressional stock trading
Rep. Nancy Mace, a Republican from South Carolina, is a strong advocate for banning stock trading by sitting members of Congress. She believes that lawmakers should not be allowed to vote on legislation that could financially benefit them personally. Mace expressed her full support for such a ban, stating that she does not engage in stock trading herself.
In a recent interview with Fox News Digital, Mace criticized the establishment in Washington for failing to enact measures to prevent members of Congress from profiting from their positions. She highlighted the disparity between the returns that lawmakers are able to achieve through stock trading compared to the average American, suggesting that there is a clear conflict of interest at play.
Unlike Mace, former House Speaker Nancy Pelosi has faced scrutiny for her stock trading activities. With a reported net worth of over $261 million and substantial investments in stocks, Pelosi has been accused of engaging in lucrative trading practices. When asked about her stance on banning congressional stock trading, Pelosi declined to comment.
The push to ban lawmakers from trading stocks has gained momentum in Congress, with Rep. Mark Alford introducing legislation to prohibit such activities. The proposed bill would prohibit lawmakers and their spouses from buying, selling, or holding individual stocks while in office, while allowing investments in diversified mutual funds, ETFs, or U.S. Treasury bonds. Lawmakers would be required to comply with the legislation within 180 days if passed.
House Speaker Mike Johnson and President Donald Trump have also voiced support for a stock trading ban for members of Congress. Trump, in particular, criticized Pelosi for allegedly profiting from insider information and expressed his willingness to endorse such a ban.
On the Democratic side, House Minority Leader Hakeem Jeffries has also backed the proposal for a stock trading ban. The issue has garnered bipartisan support, with lawmakers from both parties recognizing the need to restore trust in Congress by addressing conflicts of interest related to stock trading.
In light of the recent calls for a congressional stock trading ban, Rep. Thomas Massie has proposed an alternative solution. He suggests that legislators should be required to place their money in escrow and publicly announce their stock trades 24 hours in advance to prevent insider trading.
Overall, the movement to ban stock trading by sitting members of Congress reflects a growing consensus on the need for ethical standards and transparency in government. As lawmakers continue to debate the issue, the public will be watching closely to see if meaningful reforms are implemented to address the concerns raised by Rep. Mace and others.
