US Politics

Josh Hawley introduces PELOSI Act to bar lawmakers from trading stocks and profiting while in office

US House Speaker Nancy Pelosi, a Democrat from California, speaks during a news conference at the US Capitol in Washington, DC, US, on Thursday, Dec. 22, 2022.

A Republican in the U.S. Senate is looking to prevent lawmakers and their spouses from trading stocks on which the officials would have privileged information and used the bill’s title to make a not-so-subtle dig at former House Speaker Nancy Pelosi.

On Tuesday, Sen. Josh Hawley, R-Mo., introduced the PELOSI Act, officially the Preventing Elected Leaders from Owning Securities and Investments Act, requiring members and their spouses to divest any holdings or put them in a blind trust within six months of entering office.

“Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today l’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act,” he wrote on Twitter Tuesday.

The bill comes after revelations last year that Nancy’s husband, Paul Pelosi, traded between $1 million and $5 million of stocks for semiconductors just days before Congress allocated $52 million to the industry. The stocks were later sold at a loss to remove the appearance of impropriety.

NANCY PELOSI CALLED OUT OVER HUSBAND PAUL’S STOCK TRADES: SHE’S THE ‘ULTIMATE INSIDER’

US House Speaker Nancy Pelosi, a Democrat from California, speaks during a news conference at the US Capitol in Washington, DC, US, on Thursday, Dec. 22, 2022.
(Ting Shen/Bloomberg via Getty Images)

Other lawmakers and their spouses have made similarly advantageous trades, including Sen. Richard Burr, R-N.C., who sold investments after receiving classified briefings on the coronavirus pandemic.

Hawley’s bill excludes mutual funds, exchange-traded funds and Treasury bonds purchases.

Hawley’s bill would require any profits made by a lawmaker to be returned to American taxpayers.

It also specifically amends the Ethics in Government Act of 1978, which prohibits using nonpublic information for private profit, commonly known as insider trading — which is already illegal for business leaders and everyday Americans.

CNN, MSNBC, ABC, CBS, NBC IGNORE PELOSI’S HUSBAND BUYING OVER $1 MILLION OF COMPUTER CHIP STOCK AHEAD OF VOTE

The bill currently requires the President of the United States, the vice president, specific executive branch employees, the Postmaster General, some civilian employees, certain members of Congress, and judicial officers to file a report that includes the source, type, and value of income gained from any source other than their current employment.

U.S. Sen. Josh Hawley, R-Mo., on Capitol Hill, September 13, 2022, in Washington, DC. 

U.S. Sen. Josh Hawley, R-Mo., on…

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