BY Ryan Ledendecker, The Western JournalJanuary 24, 2023
8 months ago

GOP Senator Announces 'PELOSI' Act and While It Doesn't Mention Nancy, It'll Surely Infuriate Her

Former House Speaker Nancy Pelosi probably won't be fond of the legislation that Republican Sen. Josh Hawley of Missouri is cooking up.

As Pelosi and other members of Congress are rightfully criticized and questioned about their seemingly flawless ability to execute successful stock trades, Hawley recently revived an effort to enact strict controls over the investments made by members of Congress.

While he didn't mention Pelosi specifically, it's clear by the name of his cleverly worded proposal, the "Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act," that the former Democratic speaker inspired it.

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, over his whirlwind of profitable stock and options trades while his wife served as a top congressional leader.

"Members of Congress and their spouses shouldn't be using their position to get rich on the stock market - today I'm introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act," Hawley wrote.

"For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people," a statement from Hawley read.

"As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again."

"While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price. The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks," the statement added.

As the topic gained prominence last year, The Washington Free Beacon reported that the Pelosis had done exceptionally well in the stock market -- so well, in fact, that since 2008, the Pelosis managed to increase their net worth by an astonishing $140 million, thanks in part to Mr. Pelosi's incredible penchant for making profitable trades "in companies [Nancy Pelosi] has worked to subsidize."

The former speaker expressed some support last year for legislation that would have banned stock trading by members of Congress and their families, but conveniently never took meaningful action on the issue.

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

Apart from banning members from "holding, acquiring, or selling stocks or equivalent economic interests during their tenure in elected office," Hawley's legislation would give members six months to "divest any prohibited holdings or place those holdings in a blind trust for the remainder of their tenure in office."

Hawley laid out several punitive actions that could be taken against members who break the rules, including fines and losing the ability to deduct any losses on investments in their income tax filings.

Given that members of Congress are often privy to insider information regarding industries that they have the power to regulate, it only seems logical and fair to the rest of the country that they not be allowed to take advantage of that power, especially in the form of massive profits while everyone else is forced to make their best guesses.

The push to ban stock trading does enjoy some bipartisan support. In January 2021, Sen. Jon Ossoff of Georgia introduced the Ban Congressional Stock Trading Act and gained 15 Democratic co-sponsors.

Hawley probably won't be able to muster that kind of support because of the extreme divisions in the upper chamber and especially because of the legislation's name.

However, it's still critical that attention is drawn to the matter. If members of both chambers want to impress the American public for the first time in a long time, they will come together and make this law happen.

This article appeared originally on The Western Journal.

Written by: Ryan Ledendecker, The Western Journal



White House prohibiting official travel to fossil fuel conferences

The Biden administration has decided to restrict senior officials from attending international energy events that endorse carbon-heavy fuels. This decision, which seems to prioritize environmental…
3 hours ago
 • By Staff Writers

Gaetz officially looking at being removed from House GOP caucus committees

Former House Speaker Newt Gingrich has proposed the idea of excluding GOP Rep. Matt Gaetz of Florida from the House Republican Conference. This suggestion comes…
3 hours ago
 • By Staff Writers

Bill Clinton distinguishes himself from Dem party and calls for migrants to ‘begin working’

Former President Bill Clinton's recent comments on New York's "Right to Shelter Law" and the growing migrant crisis have raised eyebrows, revealing his distinct approach…
3 hours ago
 • By Staff Writers

Feinstein’s replacement scrubbing online evidence

Recent revelations indicate that Laphonza Butler, the appointee to replace the late Sen. Dianne Feinstein, may have hastily removed online evidence of her Maryland residence.…
3 hours ago
 • By Staff Writers

DeSantis claims he wouldn’t serve as VP under Trump

Florida Gov. Ron DeSantis, currently competing in the 2024 GOP primary battle, made it clear that he wouldn't serve as former President Donald Trump's vice…
3 hours ago
 • By Staff Writers


We publish the objective news, period. If you want the facts, then sign up below and join our movement for objective news:



    Get news from American Digest in your inbox.

      By submitting this form, you are consenting to receive marketing emails from: American Digest, 3000 S. Hulen Street, Ste 124 #1064, Fort Worth, TX, 76109, US, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact.
      Scelerisque volutpat pellentesque sed ornare egestas. Urna, cursus enim, faucibus tellus amet dignissim imperdiet ut.