Nancy Pelosi (D-Calif.), House Speaker, stated Wednesday that the House was making progress in legislation to curb stock tradings Congress, but she added that any stock legislation must also apply to the Supreme Court.
Pelosi stated Wednesday that the criteria she would like to see in stock legislation must be “government-wide.”
Pelosi stated that the third branch of government, namely the judiciary, does not report. The Supreme Court does not disclose. It does not report stock transactions. It makes important decisions every single day.”
Pelosi was opposed to stock trades being banned for members of Congress. However, she has indicated in recent weeks that she is open to restrictions if such legislation is requested by members. Last month Pelosi indicated that she was concerned about the Supreme Court’s inability to disclose stocks like lawmakers must now. However, her Wednesday comments indicate her concerns regarding the shaping of the legislation.
Pelosi stated that she would like to see increased fines for violating the STOCK Act in order to deter criminals.
The 2012 STOCK Act makes it illegal for members and their families of Congress to profit from inside information. It also requires that lawmakers report stock trades to Congress within a period of 45 days. Recent cases have shown that some lawmakers failed to report trades.
As members of both the House and Senate push a range bipartisan proposals to prevent members from trading individual stocks, this discussion is occurring. After receiving closed-door briefings on COVID-19, senators from both parties began trading health care stocks during the initial days of the pandemic.
It is unclear where the House legislation will take it and how it will impact spouses. Paul, Pelosi’s husband, trades stocks, but she doesn’t. He is the owner and operator a San Francisco investment company that has helped the Pelosis accumulate immense wealth.
According to her 2018 personal financial disclosure, Pelosi’s estimated net worth is $114 million. This makes her the sixth-richest member in the House and the 10th wealthiest member of Congress according to data from the Center for Responsive Politics.
Pelosi stated that she is relying upon the House Administration Committee for the legislation.
Pelosi stated Wednesday that “it’s complicated, and members will figure out what it is, and then, we’ll move forward with what consensus is,” adding that “they’ll get it pretty soon.”
The public is supportive of banning stock trades by members in Congress. A Fox News poll in January showed widespread support for the ban, with 72% of Democrats supporting it and 69% of Republicans.
