HA! Josh Hawley Introduces the ‘PELOSI Act’, Wait Until You See What It Is!
Senator Josh Hawley of Missouri has recently taken an unprecedented step to address the potential for personal gain in Congress by introducing legislation that would prohibit members of Congress from buying and selling individual stocks. This bold move highlights the profound need to restore trust in our government, as senators and representatives have come under increased scrutiny over conflict-of-interest issues including insider trading scandals.
The proposed bill seeks to ensure that lawmakers are focused on advancing policies for the benefit of their constituents, rather than using their access to nonpublic information and influence for financial gain. As a result, this legislative measure could have substantial implications in restoring confidence among American citizens that their elected officials actually stand up against corruption while allowing them greater transparency into matters where they could personally benefit.
Hawley recently proposed the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, legislation which would make it illegal for members of Congress to purchase individual stocks. If a member does choose to invest in stocks, they must place them in qualified blind trusts; otherwise, they will have to forfeit them to the U.S. Treasury. Hawley had previously attempted to pass a similar bill in the 117th Congress but due to opposition from House Speaker Nancy Pelosi and other Democratic Party members, it had been postponed without voting on a package.
NEW: @HawleyMO announces the PELOSI Act 👀 pic.twitter.com/E9eXH5CXNd
— Abigail Marone 🇺🇸 (@abigailmarone) January 24, 2023
Analysis website Unusual Whales reported that 27 members of Congress outperformed the market in 2022 despite the S&P500 index finishing 18% lower than it did at the start of the year. On average, Republican traders finished 0.4% higher while Democratic traders ended up with a -1.76% loss. Speaker Pelosi’s own portfolio finished down 19.8%. Reports also showed that before congressional passage of semiconductor subsidies in 2022, Pelosi and her husband Paul purchased and sold multiple chip stocks just prior to its passage.
The PELOSI Act is meant to prevent elected leaders from taking advantage of their positions by profiting off economic systems written by their own rules and regulations—at times at the expense of American citizens and taxpayers for whom they are provisioning legislative oversight—by mandating an ethical alternative for stock investments in order to maintain trustworthiness within government institutions. The fate of this new bill remains uncertain as it is still awaiting approval by both chambers of Congress though former House Minority Leader Kevin McCarthy has promised it will be taken seriously during the 118th session of Congress.