Friday, legislators attacked House Speaker Nancy Pelosi over the seeming demise of a restriction on members of Congress and their immediate families dealing in individual stocks during this session.
According to The Hill, Pelosi hinted in mid-September that a vote on such legislation would occur this month.
According to The Washington Post, the House Administration Committee did not give legislators with a 26-page measure that garnered condemnation from ethics experts until Tuesday. House Majority Leader Steny Hoyer stated that a vote could not take place this week because there was insufficient time for members to examine the text.
Pathetic. This should be a slam dunk: ban members of Congress AND their spouses from owning stock. But no. Pelosi & Company won’t give up the $$$$ https://t.co/EbsFjMbioO
— Josh Hawley (@HawleyMO) September 30, 2022
This resulted in an outburst from Democratic Virginia Representative Abigail Spanberger, who had been working on a bipartisan proposal to prohibit politicians, their wives, and dependent children from selling, trading, or purchasing individual stocks. The proposal proposed by Spanberger required MPs to place such assets in a blind trust within 90 days of assuming office.
According to the Daily Caller, Paul Pelosi, the speaker’s husband, is a large investor in the stock market. This summer, he purchased 20,000 shares of a business that deals in semiconductors while a measure that would offer generous subsidies for their production was making its way through Congress.
Open Secrets, a nonprofit monitoring organization, assessed Nancy Pelosi’s net worth in 2018 to be $114 million, the majority of which was acquired from her husband’s real estate and investment company.
Spanberger released a statement criticizing Pelosi.
“Our job as elected officials is to serve the people — not ourselves. That’s why I’ve been proud to lead the charge on legislation to ban Members of Congress and their immediate families from trading individual stocks,” she said.
“I have worked with lawmakers from both parties — and across the ideological spectrum — to earn their support for my bipartisan bill, the TRUST in Congress Act, to require individual stock holdings be divested or placed in a qualified blind trust while in office. Our commonsense proposal demonstrated that many Democrats and Republicans alike take this issue seriously and are listening to the voices of the people,” she wrote.
Spanberger stated in her statement that Pelosi appears to have changed her mind and now supports reform.
She stated, “However, our bipartisan reform coalition was then subjected to repeated delay tactics, hand-waving gestures, and blatant instances of Lucy pulling the football.”
She described the failure to approve her measure during this House session as a watershed moment.
More on this story via The Western Journal:
“The moment marks a failure of House leadership — and it’s yet another example of why I believe that the Democratic Party needs new leaders in the halls of Capitol Hill, as I have long made known,”
“Rather than bring Members of Congress together who are passionate about this issue, leadership chose to ignore these voices, push them aside, and look for new ways they could string the media and the public along — and evade public criticism,” she wrote. CONTINUE READING…