US House of Representatives Speaker Nancy Pelosi said lawmakers could be banned from buying and selling stocks under proposed new legislation.
| Legislation to tighten controls on US lawmakers’ financial transactions, including possibly banning them from buying and selling stocks, could be put on a fast track toward passage, House of RepresentativesWeeks ago, Pelosi said the House Administration Committee was reviewing several suggestions from rank-and-file members amid calls for a new prohibition on stock market transactions.
The top House Democrat added that she also wants to see a tightening of fines on lawmakers who violate existing ethics laws on reporting investments and that any new controls on members of Congress would have to be extended to the entire federal government.Late last year, Pelosi had defended sharemarket trading by members.But the practice has come under increasing scrutiny, in part as social media users pay growing attention to US lawmakers’ investments.
Democrats hold a majority in Congress, but House Republican Leader Kevin McCarthy told Punchbowl News in January that he also backed the effort – which precedes the November 8 midterm congressional election that will decide which political party will control each chamber.Senate Republican leader Mitch McConnell separately told reporters on Tuesday that he had not yet weighed a possible ban but would consider any legislation.
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