The Preventing Elected Leaders from Owning Securities and Investments Act.
Senator Josh Hawley (R-MO) introduced the PELOSI Act on Tuesday; a bill that would prevent lawmakers and their spouses from trading stocks on which the officials would have privileged information, Fox News reports.
“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.
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 pic.twitter.com/aIXNwSnTvW
— Josh Hawley (@HawleyMO) January 24, 2023
Additionally, members of Congress and their spouses would have to divest any holdings or put them in a blind trust 6 months prior to taking public office.
From Fox News:
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.
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 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.
More over at Fox News:
Josh Hawley introduces PELOSI Act to bar lawmakers from trading stocks and profiting while in office https://t.co/CSS6RQ2yqP
— Fox News (@FoxNews) January 25, 2023