GOP Senator Announces ‘PELOSI’ Bill, And While It Doesn’t Mention Nancy, It’s Sure to Fury Her

Former Speaker of the House Nancy Pelosi will probably not like the bill being drafted by Republican Senator Josh Hawley of Missouri.

As Pelosi and other members of Congress are rightly criticized and questioned about their seemingly flawless ability to make successful stock deals, Hawley recently revived efforts to impose strict controls on investments made by members of Congress.

While he didn’t specifically mention Pelosi, it’s clear from the title of his artfully worded proposal, “The Prevent Elected Leaders from Owning Securities and Investments (PELOSI) Act,” that he was inspired by the former Democratic speaker.

Hawley announced the new bill on Tuesday morning via Twitter and took a not-so-subtle shot at Paul Pelosi, the former speaker’s husband, for his whirlwind of lucrative stock and options deals while his wife was the top congressional leader.

“Members of Congress and their spouses should not use their position to get rich in the stock market – today I am introducing legislation to prohibit members of Congress from trading and owning shares. I call it the PELOSIE Law,” Hawley wrote.

Members of Congress and their spouses should not use their position to get rich in the stock market – today I’m introducing legislation to prohibit members of Congress from trading and owning stocks. I call it the Pelosi Law pic.twitter.com/aIXNwSnTvW

— Josh Hawley (@HawleyMO) January 24, 2023

“Politicians in Washington have been using an economic system for too long for which they write the rules, profiting for themselves at the expense of the American people.” statement from Hawley read.

“As members of Congress, senators and representatives are tasked with overseeing the very companies they invest in, yet they are constantly buying and selling stock, outperforming the market again and again.”

“While Wall Street and big tech companies work hand in hand with elected officials to enrich each other, hardworking Americans are paying the price. The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks,” the statement said.

As the topic rose to prominence last year, The Washington Free Beacon reported that Pelosis has had exceptional success in the stock market—so good that Pelosi has managed to increase his net worth by an astounding $140 million since 2008, thanks in part to an incredible propensity to Pelosi to lucrative deals “in companies [Nancy Pelosi] worked on subsidizing.

Last year, the former speaker expressed some support for a bill that would ban stock trading by members of Congress and their families, but never took meaningful action on the issue.

Hawley’s bill, which may be difficult to pass in the Senate, lays out a set of easy-to-understand rules regarding investment by members of Congress.

In addition to prohibiting members from “holding, acquiring, or selling shares or equivalent economic interests during their tenure in elected office,” the Hawley Act gave members six months to “disclaim any prohibited assets or place those assets in a blind trust for the remainder of the term.” “. tenure.”

Hawley outlined several punitive measures that could be taken against participants who break the rules, including fines and being unable to deduct any investment losses on their tax returns.

Given that members of Congress often have access to insider information about the industries they have the power to regulate, it seems logical and fair for the rest of the country that they are not allowed to exercise that power, especially in the form of huge profits, while everyone else is forced to make your best guesses.

The push to ban stock trading has some bipartisan support. In January 2021, Senator John Ossoff of Georgia introduced the Stock Trading Prohibition Act of Congress and received 15 Democratic cosponsors.

Hawley probably won’t be able to garner that kind of support because of the extreme divisions in the upper house, and especially the title of the law.

However, it is still important that attention be drawn to this issue. If members of both houses want to impress the American public for the first time in a long time, they will come together and pass this legislation.

This article originally appeared in The Western Journal.

We strive for truth and accuracy in all our journalistic material. Check out our editorial standards.

Comment below