Following Pelosi trades, Hawley requires listening to on banning insider buying and selling in Congress – Newstalk KZRG

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WASHINGTON — Today Missouri U.S. Senator Josh Hawley despatched a letter to Senate Homeland Security and Governmental Affairs Committee (HSGAC) Chairman Gary Peters (D-Mich.) calling for a listening to to think about bipartisan proposals to ban insider inventory buying and selling by members of Congress and their spouses. The letter follows latest revelations that House Speaker Nancy Pelosi’s husband invested thousands and thousands of {dollars} in computer-chip shares as Congress was getting ready to vote on laws to subsidize the chip-manufacturing business.

“It has been greater than six months since members of this Committee proposed measures to place an finish to inappropriate monetary transactions. Despite these efforts, Speaker Pelosi and her husband stay undeterred from cashing in,” wrote Senator Hawley. “More than 70% of Americans agree that that is unacceptable and that Congress shouldn’t be buying and selling shares in any respect.  After all, clear authorities in Washington begins with Members of Congress placing the American folks first—and never lining their very own pockets.”

Senator Hawley beforehand launched the Banning Insider Trading in Congress Act, which might prohibit Members of Congress and their spouses from buying and selling particular person shares and require Members present in violation to return their earnings to the American folks.

Read Senator Hawley’s whole letter right here and beneath:

July 20, 2022

The Honorable Gary Peters
Chairman
Senate Homeland Security and Governmental Affairs Committee
340 Senate Dirksen Office Building
Washington, D.C. 20510

Dear Chairman Peters:

I write to request that, as Chairman of the Senate Homeland Security and Governmental Affairs Committee (HSGAC), you convene a listening to as quickly as practicable to think about bipartisan, bicameral options to banning insider inventory buying and selling by Members of Congress and their spouses.

This challenge of whether or not and the way Members of Congress have interaction in varied monetary transactions deserves scrutiny by the Committee. For instance, latest stories present that Speaker Pelosi’s household continues to have interaction in what’s arguably inappropriate inventory buying and selling actions. According to stories, her husband Paul Pelosi lately bought 20,000 shares of Nvidia, a multinational semiconductor firm, value between $1 million and $5 million. This commerce got here forward of a probable vote within the Senate that would put aside $52 billion to spice up home semiconductor manufacturing and provides tax credit for manufacturing.

This particular commerce raises critical questions, nevertheless it’s nothing new. Last 12 months, Speaker Pelosi’s greatest monetary positive aspects got here from her husband exercising choices to buy shares of Google only one week earlier than the House Judiciary Committee held a listening to on antitrust laws that might affect Big Tech corporations. In 2020, Speaker Pelosi and her husband outperformed the S&P 500 by a whopping 14.3 p.c.

Members on each side of the aisle have launched laws to handle this drawback. I’m proud to have launched S.3504, the Banning Insider Trading in Congress Act. Senators Ossoff and Kelly have launched S.3494, the Ban Congressional Stock Trading Act. Senators Merkley, Brown, and Warnock have launched S.564, the Ban Conflicted Trading Act. Senators Warren and Daines have launched S.3631, Bipartisan Ban on Congressional Stock Ownership Act. And Senator Gillibrand launched S.3612, the STOCK Act 2.0. My invoice and others had been referred to the Committee. This suggests that there’s a clear curiosity from our colleagues in taking motion to handle unethical inventory trades. An oversight listening to would supply a possibility to debate these varied proposals and decide factors of consensus as a way to transfer ahead. 

It has been greater than six months since members of this Committee proposed measures to place an finish to inappropriate monetary transactions. Despite these efforts, Speaker Pelosi and her husband stay undeterred from cashing in. More than 70% of Americans agree that that is unacceptable and that Congress shouldn’t be buying and selling shares in any respect. After all, clear authorities in Washington begins with Members of Congress placing the American folks first—and never lining their very own pockets.

I recognize your willingness to debate this challenge with me beforehand. I imagine the time has come for the Committee to carry an oversight listening to focusing particularly on banning Members of Congress and their spouses from buying and selling shares. Let’s get this executed.

Sincerely,

Josh Hawley
United States Senator

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