Latest news with #PELOSIAct
Yahoo
22-05-2025
- Business
- Yahoo
Mace sounds off on stock trading in Congress, Pelosi remains silent: ‘Something doesn't add up'
Rep. Nancy Mace, R-S.C., says she supports banning stock trading for sitting members of Congress "100%," saying, "we shouldn't be voting on things we can benefit from financially." Though supportive of efforts to curb the practice of trading by members of Congress, Mace, a staunch conservative, told Fox News Digital that she is not surprised the effort has been unsuccessful so far. "It's Washington. Washington is doing what it always does," she said, adding, "The establishment rules and … when you see the kind of returns members of Congress on both sides of the aisle are getting that the average American isn't, something doesn't add up." According to Quiver Quantitative, Mace has no reported stock trading activity and has a net worth of $3.4 million. WATCH: Leftist protesters flood Capitol Hill office building as 'big, beautiful' budget bill vote looms "I support it 100%. I don't trade stocks," said Mace. "I think I have learned since I've been up here that we can be market makers, and when we do bills, or we vote on things, or we do legislation, we shouldn't be voting on things that we could benefit from financially." Read On The Fox News App Rep. Nancy Pelosi, D-Calif., meanwhile, declined to comment on her stance. According to Quiver Quantitative, the former speaker of the House, who has a net worth of a little over $261 million and, as of April 28, was reported as holding $119.9 million in stocks, has been heavily criticized for engaging in lucrative trading. When asked by Fox News Digital whether she would support banning lawmakers from trading stocks, Pelosi ignored the question and continued walking. Hawley Reignites 'Pelosi Act' Push To Ban Lawmakers From Trading Stocks This comes after Rep. Mark Alford, R-Mo., introduced legislation earlier this month that would ban congressional stock trading, serving as the House companion bill to Sen. Josh Hawley's, R-Mo., "PELOSI Act" in the Senate. Alford's proposed bill would ban lawmakers and their spouses from holding, purchasing or selling individual stocks while in office, but it allows investments in diversified mutual funds, exchange-traded funds or U.S. Treasury bonds. If passed, current lawmakers would have 180 days to comply with the legislation. Likewise, newly elected lawmakers must achieve compliance within 180 days of entering office. Under the proposed legislation, lawmakers who continue to make wrongful transactions would be required to hand over any profits they made to the U.S. Treasury Department. The House or Senate ethics committees could also impose a fine on such lawmakers amounting to 10% of each wrongful transaction. House Speaker Mike Johnson has also endorsed a stock trading ban, saying "a few bad actors" have ruined Americans' trust in lawmakers on the issue. President Donald Trump himself endorsed the same ban for members of Congress in an interview with Time magazine last month. "I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it," he said of a trading ban. Calls To Ban Congressional Trading Persist Amid Recent Stock Market Volatility Democrats in the House of Representatives have also expressed support for a ban, with House Minority Leader Hakeem Jeffries, D-N.Y., throwing his weight behind the proposal last week. Rep. Thomas Massie, R-Ky., meanwhile, told Fox News Digital that he has an alternate solution that would allow legislators to trade stocks but would mandate that members of Congress wishing to do so to "put their money in escrow and announce the stock trade 24 hours before they make it." "Then they have to legally go through with the trade. So instead of not using the insider information, let's give it to everybody and let them front run the elected officials here," he said, article source: Mace sounds off on stock trading in Congress, Pelosi remains silent: 'Something doesn't add up'
Yahoo
17-05-2025
- Business
- Yahoo
Speaker Johnson Backs Congressional Stock Trading Ban: Ruined By 'A Few Bad Actors'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A ban on buying and selling stocks and options by members of Congress continues to heat up with a new bill proposed and several notable figures, including President Donald Trump, supporting the effort. Speaker of the House Mike Johnson (R-La.) is also in favor of a ban according to recent comments. What Happened: Sen. Josh Hawley (R-Mo.) has introduced the Preventing Elected Leaders from Owning Securities and Investments Act, or PELOSI Act based on the first letter of each of the main words. The name takes aim at Congresswoman and former Speaker of the House Nancy Pelosi (D-Calif.). Pelosi, whose husband is a frequent stock trader and venture capitalist, likely doesn't support the bill that would limit her husband's transactions while she's in office. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — One person showing support for the bill is Johnson, who, according to Benzinga's Government Trades page, has not bought and sold any stocks. "I'm in favor of that," Johnson told reporters recently. "I don't think we should have any appearance of impropriety." Johnson acknowledged that the counterargument to the ban is that Congress members' salaries haven't kept up with inflation, and if this trend continues, there could be fewer qualified people running for Congress. The Speaker said that stock trading activity by members of Congress has been ruined by "a few bad actors." "I think it's been abused in the past." Johnson said there is zero tolerance for "anything resembling insider trading." President Trump also recently said he would support such a ban, and that he would sign the bill if it was passed by Congress 'Well, I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send it to me, I would do it,' Trump told It's Important: Hawley said the bill will help "restore Americans' trust in our nation's legislative body." 'Members of Congress should be fighting for the people they were elected to serve — not day trading at the expense of their constituents,' Hawley said. 'Americans have seen politician after politician turn a profit using information not available to the general public.' With ongoing debates about potential conflicts of interest in congressional trading, Representative Ro Khanna (D-Calif.) previously told Benzinga he would continue advocating for a congressional vote to ban the practice. "We should have a vote on it," Khanna told Benzinga. Khanna said that despite his continued speeches in the House advocating for a ban on stock trading, there is a 'collective shrug' in Congress regarding the issue. Members of Congress are currently allowed to buy and sell stocks and options as long as they properly disclose the transactions within 45 days. Multiple transactions have been flagged by Benzinga and other outlets that point to potential conflicts of interest over the timing of the trades. While Pelosi makes headlines for her trades, it's important to remember that both Republican and Democratic members of Congress are profiting from buying and selling stocks and options while in office. Some trades have questionable timing or are connected to committees they serve on. An analysis of recent trading activity highlights the members of Congress with the highest number of transactions and largest dollar volumes—those most active in stock trading. Thomas Kean Jr., Representative (R-N.J.) Josh Gottheimer, Representative (D-N.J.) Julie Johnson, Representative (D-Texas) Markwayne Mullin, Senator (R-Okla.) Tommy Tuberville, Senator (R-Ala.) Marjorie Taylor Greene, Representative (R-Ga.) Nancy Pelosi, Representative (D-Calif.) There are also the best traders by return in 2024 as tracked by UnusualWhales. Here's a look at the top 10 for 2024: David Rouzer (R-N.C.), Representative, +149.0% Debbie Schultz (D-Fla.), Representative, +142.3% Ron Wyden (D-Ore.), Senator, +123.8% Roger Williams (R-Texas), Representative, +111.2% Morgan McGarvey (D-Ky.), Representative, +105.8% Larry Bucshon (R-Ind.), Representative, +98.6% Pete Sessions (R-Texas), Representative, +77.5% Susan Collins (R-Maine), Senator, +77.5% David Kustoff (R-Tenn.), Representative, +71.5% Nancy Pelosi (D-Calif.), Representative, +70.9% Several of these figures have appeared on past lists. Rouzer was ranked fourth in the 2023 report and seventh in the 2021 report. Schultz ranked second in the 2022 report. Wyden ranked sixth in the 2023 report. Sessions ranked 10th in the 2023 report. Pelosi was ranked ninth in the 2023 report and ranked sixth in the 2021 report. A ban on congressional stock trading would fulfill a long-standing call from retail investors and tracking sites alike. It could also mean the end of ETFs that track Congressional trading activity, such as the Unusual Whales Subversive Democratic Trading ETF (BATS:NANC) and the Unusual Whales Subversive Republican Trading ETF (BATS:GOP). Hawley's bill does not mention cryptocurrency like Bitcoin (CRYPTO: BTC), with several members of Congress buying Bitcoin and Bitcoin ETFs over the last year as the U.S. looks to establish a Bitcoin Strategic Reserve. The PELOSI Act is unlikely to pass Congress this year. On the prediction market Polymarket, there is only a 14% chance that Congress stock trading will be banned in 2025. On Kalshi, the odds are currently listed at 11%. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest at $0.60/share before it's too late. Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Photo: Shutterstock Send To MSN: Send to MSN This article Speaker Johnson Backs Congressional Stock Trading Ban: Ruined By 'A Few Bad Actors' originally appeared on
Yahoo
14-05-2025
- Business
- Yahoo
Rep. Alford to introduce congressional stock trading ban mirroring Senate's 'PELOSI Act'
FIRST ON FOX: Rep. Mark Alford, R-Mo., on Wednesday will introduce legislation that would ban congressional stock trading, serving as the House companion bill to Sen. Josh Hawley's, R-Mo., "PELOSI Act" in the Senate. Alford's proposed bill would ban lawmakers and their spouses from holding, purchasing or selling individual stocks while in office, but it allows investments in diversified mutual funds, exchange-traded funds or U.S. Treasury bonds. If passed, current lawmakers would have 180 days to comply with the legislation. Likewise, newly elected lawmakers must achieve compliance within 180 days of entering office. "As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption," Alford said in a statement. "Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves." "These gross violations of the public trust make clear: we must finally take action to ban members and their spouses from owning or selling individual stocks," he added. Cbs Anchors Salute Outgoing '60 Minutes' Producer, Say Effort To Settle Trump Lawsuit Tied To Corporate Merger Under the proposed legislation, lawmakers who continue to make wrongful transactions would be required to hand over any profits they made to the U.S. Treasury Department. The House or Senate ethics committees could also impose a fine on such lawmakers amounting to 10% of each wrongful transaction. Read On The Fox News App Cbs Anchors Salute Outgoing '60 Minutes' Producer, Say Effort To Settle Trump Lawsuit Tied To Corporate Merger President Donald Trump himself endorsed banning trading for members of Congress in an interview with Time magazine last month. "I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it," he said of a trading ban. "You'll sign it?" the reporter pressed. "Absolutely," Trump responded. Democrats in the House of Representatives have also expressed support for a ban, with House Minority Leader Hakeem Jeffries, D-N.Y., throwing his weight behind the proposal last article source: Rep. Alford to introduce congressional stock trading ban mirroring Senate's 'PELOSI Act'
Yahoo
05-05-2025
- Politics
- Yahoo
Hancock & Kelley: Spencer's city hall shake-up, Trump sells third term hats
ST. LOUIS – It was another Sunday morning of sometimes heated but always civil political debate on Hancock and Kelley for Sunday, May 4, 2025. Republican consultant John Hancock and Democratic consultant Michael Kelley discussed the following topics: As St. Louis Mayor Cara Spencer hits her third week in office heads are starting to roll as her shake up of city staff hits another gear. The Missouri Supreme Court backs voters and gives a legal slap to GOP lawmakers when it comes to guaranteed sick pay and the minimum wage. U.S. Senator Josh Hawley of Missouri takes a not-so-subtle jab at the former House Speaker with a new bill he's named the PELOSI Act, a legislative push to ban lawmakers from trading stocks. Our Quote of the Week is from the Trump Store, advertising what it claims will be your new go-to headwear for the summer – the new 'Trump in '28' cap. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hindustan Times
29-04-2025
- Business
- Hindustan Times
What is the PELOSI Act? Why is it named after former Speaker Nancy Pelosi?
Missouri Senator Josh Hawley reintroduced an unpopular piece of legislation which seeks to limit members' trading of stocks during their active terms. He presented a new version of his bill on Monday, which prohibits lawmakers and their married partners from handling or possessing single stocks throughout their congressional service period. The bill has a striking name: the PELOSI Act. Officially known as the 'Preventing Elected Leaders from Owning Securities and Investments' Act, the acronym directly references former House Speaker Nancy Pelosi. 'Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,' Senator Hawley stated in an official statement. ALSO READ| Why did Trump pick The Atlantic journalists' cold call? Truth Social has the answer 'Americans have seen politician after politician turn a profit using information not available to the general public. It's time we ban all members of Congress from trading and holding stocks and restore Americans' trust in our nation's legislative body.' Hawley's decision to name the bill after Pelosi stems from long-running criticism from conservatives who have accused her and her husband, Paul Pelosi, of profiting off insider information during her time in office. While Pelosi has denied any wrongdoing and no evidence has proven insider trading, the name of the bill is meant to send a political message. Under the PELOSI Act, members of Congress and their spouses must abstain from buying, selling, or holding individual stock throughout their legislative term. The PELOSI Act permits officeholders and their spouses to invest their money in mutual funds that contain various stocks, ETFs, and U.S. Treasury bonds. Current members would have 180 days to comply, while newly elected officials would be expected to meet the same deadline after assuming office. Notably, any profits made through wrongful transactions would have to be handed over to the U.S. Treasury. Plus, the House or Senate ethics committees could impose fines of 10% per transaction. ALSO READ| Nancy Pelosi's reaction to Trump's Congress address sparks social media frenzy; watch viral video President Donald Trump recently gave the proposal his full backing in an interview with Time magazine, stating, 'I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it.' When asked to confirm if he'd sign the bill, Trump responded, 'Absolutely.'
