House may consider legislation next week that would ban members from stock trading
The House of Representatives is poised to consider reforms to the STOCK Act next week following calls for stock trading to be banned among members of Congress.
Amendments to the law would target the ability of members of Congress to trade stocks due to their power and ability to manipulate the market.
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House Democrats are looking to ban members of Congress and Supreme Court justices from trading stocks in a framework from Rep. Zoe Lofgren (D-CA), which was published by Insider on Thursday.
The text of the proposed legislation has not been made available by any House Democrats, but the consideration of reform for the STOCK Act is on the docket for next week.
The Senate is reportedly not going to consider any legislation to prevent lawmakers from trading stocks until after the midterm elections in November.
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Banning lawmakers from trading stocks has become a hot topic after several members of Congress, most notably House Speaker Nancy Pelosi (D-CA), have come under scrutiny for their performance trading stocks.
The House speaker’s husband, Paul Pelosi, has also been under scrutiny for his stock trading and what knowledge he may be receiving from his wife’s job. Recently, Paul Pelosi purchased stocks in semiconductor companies just before the House considered a bill giving semiconductor companies subsidies.
Nancy Pelosi has been lukewarm on the idea of banning members of Congress from trading stocks, saying she opposed banning it when asked in January.