Nancy Pelosi On Ban On Lawmaker Stock Trading: House Speaker Says Legislation Pretty Soon

Patrick

There is an indication of a bipartisan effort to bar Congressmen from trading in individual shares. It is part of an effort by vulnerable politicians eager to challenge instances of corruption among a section of lawmakers in Washington. Nancy Pelosi, the House Speaker, was for a bar on trading and ownership of individual shares by Congress members.

Nancy Pelosi said that if the sanction applied to judicial branch members, the same can be made applicable to Congressmen. She said that it was necessary to stiffen the fines on people who violate the provisions of the American Stock Act. Though she doubted that it would be sufficient to dissuade errant behavior.

Nancy Pelosi Said She Would Be Okay With A Ban On Stock Holding If SCOTUS  Also Brought Under Ban

She said that while legislators make disclosures each year, the judiciary is exempted from reporting. The judges of the SCOTUS have no system of disclosure. Despite making important decisions each day, they have no system of reporting stock transactions.

Nancy Pelosi said she believed in the integrity of people who are part of public service.

There has been a growing momentum to control stock holdings by Congress members for the 1st time ever in over a decade. It has been fuelled by lawmakers who are politically vulnerable and are aware of the effectiveness of sending out signals that they are out to move on the corruption perceived in Washington.

The trading and ownership of stocks by Congressmen is complex as it is difficult to determine how much the prohibitions ought to extend to the personal life of legislators.

Nancy Pelosi and majority leader Steny Hoyer were both opposed to tough legislation but have buckled under pressure from within the party and both the chambers.

Senate Majority Leader Chuck Schumer said that an ownership ban was necessary and encouraged party men to arrive at a deal with the Republicans and arrive at a quick settlement.

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