GOP House Leader Kevin McCarthy will consider PROHIBITING members of Congress from trading stocks:
Kevin McCarthy says if Republicans regain the House majority next year, he would consider prohibiting or limiting lawmakers’ purchase and trading of stocks after Nancy Pelosi expressed opposition to such a rule.
According to the latest report, the House minority leader’s plan is still in its infancy, but one idea involves allowing legislators to only hold professionally managed mutual funds.
As Senators and Representatives often learn sensitive and confidential information about U.S. policy that could have an impact on markets, the new restrictions would further restrict trading and holding stocks.
The newly elected Democratic senator from Massachusetts, Jon Ossoff, 34, is also reportedly considering legislation that would restrict members and their families from trading in stocks for the duration of their congressional terms.
Just last month, Paul Pelosi traded individual stocks to the tune of millions of dollars. Between $1,750,007 and $3,600,000 worth of stock was purchased by Paul Pelosi in the course of five days.
Another Democrat, the Lieutenant Governor of Pennsylvania, John Fetterman, called on Congress Tuesday to ban lawmakers, their spouses, and their top staffers from engaging in stock trading.
“Allowing members of Congress and their spouses to trade stocks is a clear conflict of interest. Lawmakers should not be making profits off of the same companies they are supposed to be regulating, based on closed-door information that isn’t available to the public,” Fetterman said in a statement.