Republican members of Congress say they're looking to put an end to potential insider trading rumors by proposing a bill that would ban lawmakers and their spouses from trading stock.
The legislation, which is being called the PELOSI Act, or the Preventing Elected Leaders from Owning Securities and Investments Act, was introduced by Sen. Josh Hawley (R-MO) on Tuesday. The name of the bill is a dig at former House Speaker Nancy Pelosi, who many have accused of insider trading.
Several Twitter accounts have gained popularity for following the tradings of Pelosi and other politicians. Among the most popular is the account @NancyPelosiStockTrader, which has over 275,000 followers.
The PELOSI Act would require that members and their spouses divest any holdings within their first six months in office or place them in a blind trust within the same time frame.
Hawley shared the news that he was proposing the legislation on Twitter on Tuesday.
The bill also comes after it was revealed last year that Pelosi’s husband, Paul Pelosi, had traded between $1 million and $5 million of stocks for semiconductors days before $52 million in funding was allocated to the industry by Congress, The Hill reported at the time.
While Pelosi may be the acronym for the bill, other lawmakers have also made what many considered to be questionable trades, including Sen. Richard Burr (R-NC). Burr was in hot water after he sold investments following a classified briefing he received on the COVID-19 pandemic, leaving many to believe foul play was involved.
The PELOSI Act would not ban members of Congress from utilizing mutual funds, exchange-traded funds, or Treasury bonds purchases. But it would also require lawmakers to return any profits they made to the American taxpayers.
Hawley’s bill has bipartisan support, as Congress members on both sides of the aisle have pushed for this type of legislation amid growing criticism from Americans. Previous bills like the TRUST Act from Rep. Abigail Spanberger (D-VA) earlier this month also gained support from both parties in Congress.
Among the members of Congress to propose or openly support similar legislation are Sens. Jon Ossoff (D-GA), Mark Kelly (D-AZ), and Reps. Chip Roy (R-TX), Adam Schiff (D-CA), Matt Gaetz (R-FL), Dean Phillips (D-MN), and more.
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