GOP leaders discuss plans to campaign on limiting Congress members’ stock trades
Kevin McCarthy, the House Republican Leader (R-CA), gives remarks on U.S. President Joe Biden’s first year as a president at Capitol Hill in Washington.
Kevin Lamarque | Reuters
House Republican leaders discussed private ways to campaign on midterm congressional elections regarding the issue of stock trading limits for lawmakers. This is an attempt at seizing on one the most hotly-button topics in Washington.
Sources say that Kevin McCarthy, R.-Calif. House Minority leader, discussed the subject with other high ranking GOP members in Miami last weekend, as well as donors, according to those briefed.
According to the people, McCarthy and others told donors they were going to try to pass legislation to limit legislators’ rights to trade stock stocks. According to a source familiar with the matter, if they are reelected in the fall midterm elections, Republicans will bring the legislation to the House’s floor during the beginning of the new Congress.
People familiar with the subject said that GOP leaders met Monday to discuss possible legislation and campaigning for the issue at a different round.
The push for more regulation on lawmakers’ stock tradesThe issue has grown to be a bipartisan matter in Congress because critics point out how senators and representatives have often access to potentially market-changing information before the general public.
Democratic Senators Jon Ossoff (Georgia) and Mark Kelly (Arizona). introduced the “Ban Congressional Stock Trading Act,” which would ban members of Congress from buying and selling stocks while they are in office. The bill, if passed by Congress would make it mandatory for members of Congress to transfer their stock portfolios to a trust. Similar legislation was introduced by Sen. Josh Hawley (R-Mo.). bill. Chip Roy (R.Texas), and Abigail Spanberger (D.Va.) are both working together to determine potential limits.
Both the parties’ lawmakers were questioned about transactions made during the initial stages of the coronavirus epidemic, which included Sens. Dianne Feinstein, D.Calif. and Jim Inhofe R-Okla. Senator Richard Burr R-N.C. was being investigated by the Federal Bureau of Investigation. did not charge him. Former Sen. Kelly LoefflerAfter weeks of criticism, Rep. Jeff Sprecher (R-Ga.) and Mrs. Cathy resigned from their stock shares and options. couple for selling millions of dollars in stock amid the coronavirus pandemic.
McCarthy just spoke Punchbowl NewsHe said that he is considering imposing new limitations or banning the sale of assets by lawmakers if the GOP gains the majority. If Republicans win in the midterms, McCarthy will almost certainly be elected speaker of the House.
McCarthy was mentioned by a person who is familiar with McCarthy’s thought, that he has been considering increasing the limits for stock trades. However, he did not give further details.
A poll by the conservative advocacy group, the Convention of States Action has revealed recent results that nearly 75% of those polled believe that lawmakers and their spousesYou have an advantage on the stock exchange
Some of the most prominent financiers at the National Republican Congressional Committee (the campaign arm of House Republicans) were invited to the retreat. The chair of the NRCC is Rep. Tom Emmer (R-Minn.). In 2022, all House members representing both sides of the aisle are eligible for reelection. Democrats hold a narrow majority in the House.
The NRCC is already suing Democratic lawmakers regarding stock trades. This follows reports that they failed to disclose asset deals and violated STOCK Act. This law obliges Congressmen and federal officials to report trades in stock, bonds, and other securities within 45 days.
Business InsiderRecent reports have shown that 50 of the members of Congress failed to disclose stock transactions.
Nancy Pelosi is the House Speaker, a Democratic-Calif. after first defending lawmakers’ stock ownership and dismissing limits on trades, later said she would be openIf the Democratic caucus was in support of such legislation, then she could vote for it.
Paul Pelosi (the speaker’s spouse) purchased options to purchase call options in megacap stocks worth $3.5 million late last year according to a financial disclosure.
McCarthy representatives and the NRCC declined to comment on requests.
Correction: This headline has been changed to reflect that GOP leaders have discussed stock trading limits, and not stock ownership.