Reassessing Stock Trading in Congress: Top Republican Joins Call for Ban After Marjorie Taylor Greene's Questionable Moves
GOP Leader Proposes Halting Stock Trading Due to Customs Turmoil
Looks like the landscape of stock trading within the halls of Congress might be changing, and it all started with some questionable moves made by Trump ally, Marjorie Taylor Greene.
With Trump's whack-a-mole trade policies causing wild stock market fluctuations, both losses and gains have become a reality for investors. Even some members of Congress have cashed in, with Taylor Greene being the latest in the limelight. Before the suspension of Trump's tariffs, she made some sizable stock purchases, worth thousands of dollars, mainly in tech giants like Apple, Amazon, and pharmaceutical companies like Merck.
While members of Congress are required to disclose their stock trades, the specific volume isn't made public. This has led to speculation of insider trading, as the stock prices surged shortly after those transactions.
As a result, calls for a ban on stock trading by members of Congress have gained momentum, with voices from both sides of the aisle. Democratic minority leader in the House, Hakeem Jeffries, has been advocating for this change, stating "We need to change the law so that serving members of Congress cannot trade stocks."
Shockingly, top Republican, House Speaker Mike Johnson, has recently joined the fray. He voiced his concern, stating, "To be honest, I think we shouldn't give the appearance of impropriety here." Johnson, who plays a crucial role in the legislative process, has historically remained evasive on this topic.
Even former President Trump has voiced his support for stricter rules around stock deals, saying, "I would be in favor of it."
However, Trump has also accused former Democratic House Speaker Nancy Pelosi of engaging in insider trading, a charge that she has vehemently denied. "Speaker Pelosi does not own any stocks and is not involved in any transactions, either in advance or retroactively," said a spokesperson for Pelosi.
Several legislative proposals to address this issue are already in the works. Among them are the bipartisan bill aimed at preventing lawmakers from using their positions for financial gain through insider information, Rep. Mark Alford's PELOSI Act, and a four-year effort led by Rep. Joe Neguse to ban members of Congress from trading stocks.
- Stock trading
- Nancy Pelosi
- Donald Trump
- Insider trading
- Stock prices
Insight:
The PELOSI Act, proposed by Rep. Mark Alford (R-MO), would prohibit lawmakers and their spouses from holding, purchasing, or selling individual stocks. This proposal is a direct response to the public scrutiny faced by lawmakers over their financial activities. Meanwhile, Rep. Joe Neguse has been leading a bipartisan effort to ban members of Congress from trading stocks for four years, reflecting a broader push to address ethical concerns and restore public trust in government. These proposals aim to address issues of insider trading and potential conflicts of interest among lawmakers. The specifics and progress of these bills are subject to ongoing debate and negotiation within Congress.
- Amidst the calls for a ban on stock trading by members of Congress, the PELOSI Act proposed by Rep. Mark Alford seeks to prohibit lawmakers and their spouses from holding, purchasing, or selling individual stocks, an attempt to address ethical concerns and restore public trust stemming from financial activities.
- As controversy over insider trading in Congress continues, former President Donald Trump has voiced his concern, while former House Speaker Nancy Pelosi has vehemently denied such charges against her, stating that she does not own any stocks and is not involved in any transactions.
