Note: This article may contain commentary reflecting the author's opinion.
On Wednesday, Senator Josh Hawley (R-MO) joined Sean Hannity to discuss the PELOSI Act which would ban all stock trading for members of Congress.
“Well listen, Sean, you’ve laid it out perfectly. When the voters send members of Congress to Washington, they expect them to do the people’s business,” Hawley said during the interview. “Not to be day trading on the stock market. Not to be using the information that they get from briefings to go and make a quick buck on Wall Street. So here’s what my bill does. It says no more trading of stocks by members of Congress, in fact, no more ownership of stocks by members of Congress. If you want to save, fine. Put it in a mutual fund like most Americans do. But Nancy Pelosi is the perfect example of what should not be happening in DC which is people getting rich on the stock market off of information they know because they’re a member of Congress.”
Hannity then went on to explain that the former House Speaker invested between one to five million dollars into the semiconductor industry just days before Congress approved the CHIPS Act which pumped billions of dollars into the industry.
“There are lots of reports like that, with her, with her family, and other members of Congress. This is a problem that has been going on for years and she is just a perfect example of how rich people can get,” the Missouri senator explained. “Listen insider trading is already illegal and we are talking here about members of Congress. The briefings that they get, and the information that they have from hearings. It is information that most Americans don’t have because of course that’s why they send us to Congress, to do their business. Not to turn that around and get rich off it. That’s why I call it the PELOSI Act. We need to act right now.”
Hannity then went on to question the prospect of blind trusts being an alternative to members of Congress personally investing and explaining that the representative could potentially know the investment manager who handles the trust and thus whisper information to them about what to invest in.
REPUBLICAN JOSH HAWLEY INTRODUCES PELOSI ACT TO BAN CORRUPT CONGRESSIONAL ACTION
“You know Sean and this is one of the reasons why I personally, my wife and I, we have all of our savings in mutual funds for that reason. Broad-based mutual funds. We don’t have a trust. But the bill I introduced is the toughest bill on ethics, on stock trading ethics, that is out there. But I tell you what if we can get a bill through Congress with no blind trusts, I’m for it 100 percent. I don’t use them. I don’t think other members of Congress should and I’d be happy to ban them.”
Just this week, Pelosi further showcased why such a bill is important in stopping members of Congress from profiting from their positions. The former Democrat Speaker of the House sold $3 million of stock in Google on the same day that the Department of Justice announced a lawsuit against the company for monopolistic practices, as previously reported by the DC Enquirer.
“People have asked why I named my stock trade ban the PELOSI Act,” Hawley wrote on Twitter in response to the news. “Now you know”
As Congress contemplates whether or not they should pass this bill and reform themselves, members should remember the message that they are ending to the American people if they don’t pass the legislation. The message that would be sent is that the politicians in Washington care more about their bottom line than about serving the American people. Americans expect their representatives to have a moral foundation when conducting the people’s business. Making stock trades based on information they obtain through their office is the exact opposite.
You Can Follow Sterling on Twitter Here
On Wednesday, Senator Josh Hawley (R-MO) joined Sean Hannity to discuss the PELOSI Act which would ban all stock trading for members of Congress.
“Well listen, Sean, you’ve laid it out perfectly. When the voters send members of Congress to Washington, they expect them to do the people’s business,” Hawley said during the interview. “Not to be day trading on the stock market. Not to be using the information that they get from briefings to go and make a quick buck on Wall Street. So here’s what my bill does. It says no more trading of stocks by members of Congress, in fact, no more ownership of stocks by members of Congress. If you want to save, fine. Put it in a mutual fund like most Americans do. But Nancy Pelosi is the perfect example of what should not be happening in DC which is people getting rich on the stock market off of information they know because they’re a member of Congress.”
Hannity then went on to explain that the former House Speaker invested between one to five million dollars into the semiconductor industry just days before Congress approved the CHIPS Act which pumped billions of dollars into the industry.
“There are lots of reports like that, with her, with her family, and other members of Congress. This is a problem that has been going on for years and she is just a perfect example of how rich people can get,” the Missouri senator explained. “Listen insider trading is already illegal and we are talking here about members of Congress. The briefings that they get, and the information that they have from hearings. It is information that most Americans don’t have because of course that’s why they send us to Congress, to do their business. Not to turn that around and get rich off it. That’s why I call it the PELOSI Act. We need to act right now.”
Hannity then went on to question the prospect of blind trusts being an alternative to members of Congress personally investing and explaining that the representative could potentially know the investment manager who handles the trust and thus whisper information to them about what to invest in.
REPUBLICAN JOSH HAWLEY INTRODUCES PELOSI ACT TO BAN CORRUPT CONGRESSIONAL ACTION
“You know Sean and this is one of the reasons why I personally, my wife and I, we have all of our savings in mutual funds for that reason. Broad-based mutual funds. We don’t have a trust. But the bill I introduced is the toughest bill on ethics, on stock trading ethics, that is out there. But I tell you what if we can get a bill through Congress with no blind trusts, I’m for it 100 percent. I don’t use them. I don’t think other members of Congress should and I’d be happy to ban them.”
Just this week, Pelosi further showcased why such a bill is important in stopping members of Congress from profiting from their positions. The former Democrat Speaker of the House sold $3 million of stock in Google on the same day that the Department of Justice announced a lawsuit against the company for monopolistic practices, as previously reported by the DC Enquirer.
“People have asked why I named my stock trade ban the PELOSI Act,” Hawley wrote on Twitter in response to the news. “Now you know”
As Congress contemplates whether or not they should pass this bill and reform themselves, members should remember the message that they are ending to the American people if they don’t pass the legislation. The message that would be sent is that the politicians in Washington care more about their bottom line than about serving the American people. Americans expect their representatives to have a moral foundation when conducting the people’s business. Making stock trades based on information they obtain through their office is the exact opposite.
You Can Follow Sterling on Twitter Here