Fox News reports that a bill that would stop members of Congress from trading or owning stocks while holding office is at a standstill.
It is at a standstill, the outlet points out, as House Speaker Nancy Pelosi (D-CA) continues to face allegations that her husband made a stock purchase based on insider information provided to him by Pelosi.
Coincidence or not?
The House bill that is at a standstill is called the Bipartisan Ban on Congressional Stock Ownership Act of 2022.
As its name suggests, the bill would prohibit Congress members – as well as their spouses – from “stock trading and ownership.”
The text of the bill states that Congress members and their spouses ought not to “own an interest in or trade (except as a divestment) any stock, bond, commodity, future, or other form of security, including an interest in a hedge fund, a derivative, option, or other complex investment vehicle.”
The bill does have the backing of both Republican and Democratic members of Congress. The problem is that the bill does not appear to have particularly widespread backing, and you can guess why – it goes against the personal interest of Congress members.
Although this is only speculation, this could be the reason why the bill is so slowly making its way through the House. Chances are many in Congress are just hoping that everyone will forget about it.
The latest allegation Pelosi is facing
Pelosi has long faced allegations of insider trading given the millions that her husband, Paul Pelosi, has made off of the stock market. The latest accusation came recently.
According to a recent disclosure document, Paul Pelosi purchased stock, worth millions, in a computer chip company, and he did so just as Congress was getting ready to vote on a measure that would award a substantial sum of money to computer chip manufacturing.
This has led to claims of insider trading, claims that Pelosi denies. Pelosi told Fox last week that Paul Pelosi has “absolutely” never made stock purchases based on insider information that she provided to him. Do you believe her?
Pelosi is far from the only member of Congress to face such allegations. This is what has led to the Bipartisan Ban on Congressional Stock Ownership Act of 2022. The question now is whether the likes of Pelosi will ever allow it to be passed.