On Tuesday, Sen. Josh Hawley (R-MO) introduced the Preventing Elected Leaders from Owning Securities and Investments Act or PELOSI Act. While an acronym, it is also named after former Speaker of the House Rep. Nancy Pelosi (D-CA). This bill would bar lawmakers from trading stocks while in office.
Hawley’s Comments
In regards to this bill, Senator Hawley said,
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. 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 [1].
He went on to say,
The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks [2].
Bill Contains
The bill would prohibit members of Congress and their spouses from “holding, acquiring, or selling stocks or equivalent economic interests” and only allow “diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds” to be held [3].
Hawley used Twitter to announce his bill. You can read that here. To read Hawley’s bill, you can go to this link.
Notes:
- ^https://www.hawley.senate.gov/hawley-announces-pelosi-act-reintroduction-bill-ban-lawmakers-trading-stocks (go back ↩)
- ^https://www.hawley.senate.gov/hawley-announces-pelosi-act-reintroduction-bill-ban-lawmakers-trading-stocks (go back ↩)
- ^https://thehill.com/homenews/senate/3828504-hawley-introduces-pelosi-act-banning-lawmakers-from-trading-stocks/ (go back ↩)
