Sen. Josh Hawley (R-MO) sent a letter to Chairman Gary Peters (D-MI) of the Senate Homeland Security and Governmental Affairs Committee on Wednesday, requesting a hearing into proposals for a ban on Congressional insider trading.
The letter comes almost immediately after the husband of House Speaker Nancy Pelosi (D-CA) purchased 20,000 shares of Nvidia stock ahead of Congress’s consideration of the “CHIPS for America Act” – which would provide a $52 billion subsidy for chip manufacturing, along with tax credits for manufacturers.
Hawley hoped a hearing could yield “bipartisan, bicameral solutions to banning insider stock trading by Members of Congress and their spouses.”
He focused on the Pelosi developments in his letter as well, writing, “This specific trade raises serious questions, but it’s nothing new.”
The Missouri Republican highlighted the fact that Pelosi’s questionable stock trades go back years.
“Last year, Speaker Pelosi’s biggest financial gains came from her husband exercising options to purchase shares of Google just one week before the House Judiciary Committee held a hearing on antitrust legislation that would impact Big Tech companies,” Hawley wrote.
The California Democrat and her husband were so successful in their stock trades that “in 2020, Speaker Pelosi and her husband outperformed the S&P 500 by a whopping 14.3 percent.”
Hawley also touched upon various efforts by lawmakers on both sides to curb potential insider trading, but to no avail.
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“Members on both sides of the aisle have introduced legislation to address this problem,” he continued. “I am proud to have introduced S.3504, the Banning Insider Trading in Congress Act.”
“Senators Ossoff and Kelly have introduced S.3494, the Ban Congressional Stock Trading Act. Senators Merkley, Brown, and Warnock have introduced S.564, the Ban Conflicted Trading Act,” Hawley added. “Senators Warren and Daines have introduced S.3631, Bipartisan Ban on Congressional Stock Ownership Act. And Senator Gillibrand introduced S.3612, the STOCK Act 2.0.”
The letter went on to say Pelosi’s family is continuing to take advantage of her position and is unethically profiting from her being in authority.
“It has been more than six months since members of this Committee proposed measures to put an end to inappropriate financial transactions. Despite these efforts, Speaker Pelosi and her husband remain undeterred from cashing in,” the letter read.
“More than 70% of Americans agree that this is unacceptable and that Congress shouldn’t be trading stocks at all,” it continued. “After all, clean government in Washington begins with Members of Congress putting the American people first—and not lining their own pockets.”
As the idea of banning insider stock trading is gaining bipartisan support, it’s now up to Congressional leadership as to whether these bills will actually go to the House or Senate floors for a vote.
One thing is for certain though — Hawley wants to crack down on Pelosi’s corruption and in his mind, this strategy will “get this done.”
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