House Speaker Nancy Pelosi (D-CA) appears to be getting her own way with regard to the Congressional Stock Ban.
MSNBC reports that Congress just went on recess without voting on the legislation, which would prevent members of Congress from stock trading while in office.
Over the past decade or so, congressional stock trading has been recognized as more and more of a problem.
The problem is an obvious one: members of Congress have certain powers and certain access to information that members of the general public do not have. And, this could give members of Congress a leg up when it comes to stock trading.
Back in 2012, Congress passed the STOCK Act in order to try to deal with this problem. But, as reports have shown – especially recent reports – the STOCK Act hasn’t been getting the job done.
Accordingly, recently, there has been a bipartisan push in Congress to fix the problem once and for all by passing legislation that would essentially ban members of Congress from trading stocks while in office.
Many lawmakers, however, including Pelosi – at least initially – rejected the idea. And, it’s easy to understand why: they don’t want to go against their own self-interest. Pelosi, after all, has probably benefitted from stock trading more than any other member of Congress, making millions.
More recently, Pelosi has changed her position on a congressional stock ban – or, at least, so it would seem.
In mid-September, Pelosi actually suggested that she is ready to hold a vote on a piece of legislation that would ban congressional stock trading.
There’s been discussion about it. And just recently, this morning actually, the Committee – we’ve been going back and forth, and they were refining things and talking to Members about what they think will work. And we believe we have a product that we can bring to the Floor this month–
That being said, September came to a close without such a vote being held. And now, Congress just went on recess until after the November elections without voting on the congressional stock ban.
It really does appear as though Pelosi is getting her own way here.