Latest news with #stocktradingban
Fox News
6 days ago
- Business
- Fox News
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. 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 endorsed a stock trading ban on Wednesday, saying "a few bad actors" have ruined Americans' trust in lawmakers on the issue. "You want me to tell you my honest opinion on that? I'm in favor of that, because I don't think we should have any appearance of impropriety here," he told reporters during a press conference. 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. "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 week.
Yahoo
10-05-2025
- Business
- Yahoo
Mike Johnson says he's open to banning stock trading in Congress. Here's where things stand.
Mike Johnson says he's "open to the conversation" about banning stock trading in Congress. That doesn't mean it's going to happen anytime soon. Here's where things currently stand. You may have heard this story before: The Speaker of the House is open to the idea of banning members of Congress from trading stocks, but it's not exactly clear whether it will happen. That's where we were three years ago, when then-Speaker Nancy Pelosi — after initially causing a firestorm by rejecting the idea — told reporters that she was "okay with that" if that's what her colleagues wanted to do. That's where we are again, with Speaker Mike Johnson telling NPR earlier this month that he's "open to the conversation." "It's been talked about for quite some time," Johnson observed. "But there's probably a reason that the bill hasn't moved in all those years because there's never been a consensus built around it." Johnson is correct. Despite the broad popularity of banning members of Congress from trading stocks — along with renewed interest driven by scrutiny of recent trades made by lawmakers like Republican Reps. Marjorie Taylor Greene of Georgia and Rob Bresnahan of Pennsylvania — the task of actually passing a bill to do it has never been straightforward. As of now, there are several proposals in both chambers that would address the issue, and each one is a little bit different. There's the question of whether spouses should be included in a ban. There are differing views about the feasibility of using blind trusts. And if someone violates the rules, what should be the punishment? These are all solvable questions, and during the last Congress, a group of senators with dueling bills managed to come together around a common proposal. But we're in a new Congress now, and lawmakers have largely returned to introducing their own bills. It's also a matter of prioritization. Sure, politicians ranging from President Donald Trump, to House Minority Leader Hakeem Jeffries, to Rep. Alexandria Ocasio-Cortez of New York, to Sen. Josh Hawley of Missouri all support the idea. But it's ultimately up to GOP leaders like Johnson and Senate Minority Leader John Thune — who told NPR that the current rules around stock trading disclosures are "pretty good" already — to decide it's an issue worth taking up. In the meantime, they're spending most of their time trying to muscle through a sweeping fiscal bill that's set to include changes to the tax code and spending cuts. Even if Johnson and Thune decide it's important, success isn't guaranteed. In 2022, Pelosi and House Democratic leaders ultimately did move towards a vote on banning members of Congress from trading stocks, only to yank the bill due to internal opposition. This year, it may take pressure from Johnson's right flank to spur Congress to action. "It's been sitting out there for three or four years, we kind of keep dragging feet, and it's time to deal with it," Republican Rep. Chip Roy of Texas told BI in January. Read the original article on Business Insider
