Missouri Senator Josh Hawley, a Republican, introduced a bill that would prevent members of Congress from engaging in stock trading.
The PLOSI Act of 2017 requires members of Congress and their families to place their stocks in blind trusts. If they fail to do so, they will be required to forfeit their investments to the Treasury. This legislation was introduced during the 117th Congress, and it was passed by the Senate.
According to him, politicians have been taking advantage of the system that Congress created to benefit themselves instead of the people. While they're supposed to be overseeing the companies that they invest in, members of Congress are still buying and selling stocks.
NEW: @HawleyMO announces the PELOSI Act 👀 pic.twitter.com/E9eXH5CXNd
— Abigail Marone 🇺🇸 (@abigailmarone) January 24, 2023
One of the wealthiest members in Congress is Nancy Pelosi, who reportedly opposed a ban on stock trading during the 117th congress. She and her husband Paul reportedly bought and sold millions of shares before the semiconductor industry was given a subsidy in 2022.
Some Democrats, such as Oregon Senator Jeff Merkley and Virginia Representative Abigail Spanberger, supported a ban on stock trading during the 117th Congress. However, they did not pass legislation and instead postponed voting on a package. During the 118th Congress, Kevin McCarthy, the House Minority Leader, said that the issue would be a top priority for the Republican Party.
According to an analysis site called Unusual Whales, the stock portfolios of 27 members of Congress performed better than the market in 2022. Despite the overall decline in the S&P500, Republicans were able to finish the year with an average gain of 0.4%, while Democrats lost 1.76%.
The preceding is a summary of an article that originally appeared on DAILY CALLER.