House Speaker Nancy Pelosi is now pushing an individual stock trading ban for members of Congress. She had long opposed such a measure, saying as recently as December that “we are a free-market economy” and that members “should be able to participate in that.” Pelosi gradually adjusted her position last month to say that while she personally opposed such a ban, she trusts her members’ judgment and would be willing to go forward on it if that was the consensus.
Even some Republicans, like House Minority Leader Kevin McCarthy, have expressed interest in moving forward on this type of legislation. The idea in its current form would be to amend the STOCK Act of 2012 to add this individual stock trading restriction. Members of Congress would still be able to own mutual funds and invest in the broader market, they just wouldn’t be able to pick and choose individual companies that they anticipate will do well.
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