Rep Alford introduces PELOSI Act in House
Rep. Mark Alford, a Republican from Missouri, is set to introduce a groundbreaking piece of legislation that aims to ban congressional stock trading. This move comes in response to growing concerns about lawmakers using non-public information to benefit financially from the stock market. Alford’s bill will serve as the House companion to Sen. Josh Hawley’s “PELOSI Act” in the Senate.
The proposed legislation would prohibit members of Congress and their spouses from holding, purchasing, or selling individual stocks while in office. However, it does allow investments in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds. Current lawmakers will have 180 days to comply with the new rules if the bill is passed, while newly elected officials must achieve compliance within 180 days of taking office.
In a statement, Alford emphasized the importance of maintaining a high standard of ethics in public service. He condemned the suspicious stock trades made by some members of Congress and highlighted the need to eliminate any potential conflicts of interest. Alford stressed that the proposed ban on individual stock trading is essential to restoring public trust in government.
Under the terms of the legislation, lawmakers who engage in prohibited transactions would be required to forfeit any profits to the U.S. Treasury Department. Additionally, the House or Senate ethics committees could impose fines amounting to 10% of each wrongful transaction on offending lawmakers.
President Donald Trump has also voiced his support for banning stock trading by members of Congress. In a recent interview with Time Magazine, Trump expressed his willingness to sign such a bill if it were presented to him. He cited examples of lawmakers, including House Speaker Nancy Pelosi, who have allegedly profited from insider information and endorsed the need for stricter regulations.
The push to ban congressional stock trading has gained bipartisan momentum, with Democrats in the House of Representatives also backing the proposal. House Minority Leader Hakeem Jeffries recently threw his support behind the initiative, signaling a growing consensus on the issue.
As the debate over congressional stock trading continues to unfold, Rep. Alford’s legislation represents a significant step towards greater transparency and accountability in government. By addressing potential conflicts of interest and strengthening ethical standards, the proposed ban aims to uphold the integrity of elected officials and rebuild public trust in the political system.
For more information on Rep. Alford’s legislation, you can access the full text of the bill here. Stay tuned for updates on this developing story as lawmakers work towards implementing new regulations to govern stock trading in Congress.
