January 1, New Bill Takes Jab at Nancy Pelosi

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Sen. Josh Hawley (R-MO) introduced the PELOSI Act, a bill that would ban lawmakers and their spouses from trading and owning stocks.

The Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, takes a jab at its namesake, former House Speaker Nancy Pelosi (D-CA).

“Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market,” Hawley wrote on Twitter.

The bill would give lawmakers six months to either divest their holdings or place them in a blind trust while in office.

“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people. As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again,” Hawley said in a statement.

“While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price. The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”

Pelosi and her husband Paul Pelosi have faced criticism over their substantial stock market gains made during her tenure in Congress. Between 2007 and 2020, the Pelosis saw their portfolios grow as much as $30 million.

Paul Pelosi sold $3 million worth of Google stock a month before DOJ antitrust lawsuit

According to a new report, Paul Pelosi sold 30,000 shares of Google stock in December — a month before the Justice Department and eight states sued the company over alleged antitrust violations.

Congressional disclosure filings show that Paul Pelosi sold the shares in three different transactions between Dec. 20 and Dec. 28, 2022, Fox Business reported. The former House Speaker’s Periodic Transaction Report filed Jan. 12 shows that the transaction amounts varied ranged between $500,001 and $1 million.

The transactions yielded capital gains of more than $200, but the total amount is unclear, according to the report.

Hawley cited the breaking news story as an example of why he named his stock trade ban after Pelosi.

“People have asked why I named my stock trade ban the PELOSI Act. Now you know,” the GOP senator tweeted.

People have asked why I named my stock trade ban the PELOSI Act. Now you know https://t.co/qMKDNx5buK

— Josh Hawley (@HawleyMO) January 25, 2023

Hawley previously introduced legislation last year to ban members of Congress and their spouses from holding or trading stocks while in office. The Democrat-led Congress was poised to vote on the matter, but it was shelved shortly before the midterm elections.

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Source: The Hill | Fox Business