U.S. House Speaker Pelosi Sees Stock Trading Legislation From Lawmakers ‘Very Soon’

A jogger walks through a ray of sunshine in front of the U.S. Capitol in Washington, U.S., January 18, 2022. REUTERS/Kevin Lamarque/File Photo

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WASHINGTON, Feb 9 (Reuters) – Legislation to tighten controls over U.S. lawmakers’ financial dealings, including possibly banning them from buying and selling stocks, could pass quickly, the House Speaker said on Wednesday. representatives, Nancy Pelosi.

A few weeks ago, Pelosi said the House Administration Committee was considering several suggestions from rank-and-file members amid calls for a new ban on stock trading.

“I guess they’ll get it soon,” Pelosi told reporters during her weekly press conference. She was referring to a bill from the administration committee.

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The leading House Democrat added that she also wants to see tougher fines for lawmakers who violate existing ethics laws on investment reporting and that any new scrutiny over members of Congress should be extended across the nation. federal government.

Pelosi stressed the need to include the federal judiciary.

Late last year, Pelosi defended members’ stock trading.

But the practice is coming under increasing scrutiny, in part because social media users are paying increasing attention to investments by US lawmakers.

Investments by some lawmakers have raised questions about potential conflicts of interest given that Congress’ oversight functions may allow it to get information before the public, with some members under investigation or dismissal. accusations.

On Wednesday, Senate Majority Leader Chuck Schumer joined the call for bipartisan legislation.

“I think this is an important issue that Congress should address, and it’s something that has clearly generated interest on both sides of the aisle over the past few weeks,” he said in a speech in the Senate.

Democrats hold a majority in Congress, but House Republican Leader Kevin McCarthy told Punchbowl News in January that he also supports the effort – which comes ahead of the Nov. 8 midterm elections that will decide which party policy will control each room.

Senate Republican Leader Mitch McConnell told reporters separately on Tuesday that he had not yet weighed a possible ban but would consider any legislation. He added that he does not own any individual stocks and advises members to invest through mutual funds, as he does.

At her Wednesday press conference, Pelosi dodged the question of whether lawmakers’ spouses should be included in the new controls written into the legislation, saying she was leaving specifics to the committee.

But referring to the overall effort, she said, “It’s about trust. And if that’s what the members want to do, then that’s what we’ll do,” adding, however, that the development of a bill will be “complicated”.

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Reporting by Richard Cowan, Susan Heavey, Doina Chiacu and David Morgan; edited by Andrew Heavens, Chizu Nomiyama and Jonathan Oatis

Our standards: The Thomson Reuters Trust Principles.

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