In view of House Speaker Nancy Pelosi’s denial that she gave her husband inside information that led to his purchase of shares, a bill to prohibit members of Congress and their spouses from trading or owning stocks while they hold elective office is at a standstill.
Rep. Pramila Jayapal, D-Wash, presented the bill, known as the Bipartisan Ban on Congressional Stock Ownership Act of 2022, in the House.
It now has 14 cosponsors, the majority of which are Democrats.
The bill’s text states that “stock trading and ownership” would be forbidden for members of Congress and their spouses.
Moreover, it stipulates that elected officials and their spouses shouldn’t “own an interest in or trade (except as a divestiture) any stock, bond, commodity, future, or another form of security, including an interest in a hedge fund, a derivative, option, or another complex investment vehicle.”
The bipartisan measure has been referred to numerous committees since it was first introduced. The most recent action occurred on February 24 when it was forwarded from the House Agriculture committee to its Subcommittee on Commodity Exchanges, Energy, and Credit.
Sens. Elizabeth Warren, D-Mass.; Steve Daines, R-Mont.; Marsha Blackburn, R-Tenn.; Debbie Stabenow, D-Mich.; Raphael Warnock, D-Ga.; and Lindsey Graham, R-S.C all introduced a similar measure.
In response to a question from Fox News Digital on Thursday, Pelosi stated that her husband, Paul Pelosi, never bought stocks using insider knowledge he might have acquired. “No. Absolutely not,” she remarked.
The denial came after Pelosi made headlines for her husband’s purchase of computer chip stock. Her husband is renowned for making multimillion-dollar stock moves.
The office of Nancy Pelosi has defended her husband’s purchases and reaffirmed that Pelosi does not own any stock. Pelosi has the power to put a resolution on the House floor for a vote that forbids legislators and their spouses from trading shares.
Whether Pelosi or her husband owned the stock and started the trades, according to Kendra Arnold, executive director of the Foundation for Accountability and Civic Trust, is “completely irrelevant” for the purposes of conflict-of-interest legislation, she told Fox News.