GOP leaders discuss plans to campaign on limiting stock ownership in Congress
Kevin McCarthy, the House Republican Leader (Republican from California), 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 the topic of restricting stock trading by lawmakers in the midterm congressional election this year. It is an attempt at seizing on one of Washington’s most hotly-button topics.
Sources say that Kevin McCarthy, R.-Calif. House Minority leader, discussed the subject with other high ranking GOP members in Miami this past weekend, as well as donors, according to those briefed.
McCarthy and other leaders had told donors that they planned to introduce legislation restricting lawmakers’ access to stock trading, according to people. According to a source familiar with the matter, if they win the House back this fall, Republicans will bring the legislation to the House floor at the beginning of the new Congress.
People familiar with the subject said that GOP party leaders met Monday to discuss possible legislation and campaigning for the issue at a different round.
The push for more regulation on lawmakers’ stock tradesThis has been a bipartisan topic in Congress, as some critics point to the fact that representatives and senators often have access first to market-changing information.
Democratic Sens. Jon Ossoff & Mark Kelly introduced the “Ban Congressional Stock Trading Act,” which would ban members of Congress from buying and selling stocks while they are in office. This law, if it is passed, would make members of Congress and their family have to transfer their stock portfolios to a trust. Similar billSen. Josh Hawley (R-Mo.) introduced the bill. Chip Roy (R.Texas), and Abigail Spanberger (D.Va.) are both working together to determine potential limits.
Transactions made by both sides during the early stages the coronavirus pandemic were subject to scrutiny, even Sens. The Federal Bureau of Investigation was investigating Dianne Feinstein (D-Calif.) and Jim Inhofe (R-Okla.). However, authorities were not involved in the investigation. did not not charge into some of his stock trades. Former Sen. Kelly Loeffler, R-Ga. Following weeks of criticism from the New York Stock Exchange, the wife and husband of the head of that exchange, they have liquidated individual stock options and any related options. couple for selling millions of dollars in stock amid the coronavirus pandemic.
McCarthy recently spoke out about McCarthy. Punchbowl NewsIf the GOP wins the majority, he may push for new restrictions or a ban on legislators dealing assets. McCarthy almost certain to become speaker of Congress if Republicans are elected in the midterms. McCarthy is thought to be considering new stock trade limits, according to a source familiar with his thinking. However, he did not give any further information.
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
For some of the highest-ranking financiers of National Republican Congressional Committee which acts as the political arm for House Republicans, the retreat was intended for them. Chair of the NRCC, Rep. Tom Emmer from Minnesota. Every member of both the Democratic and Republican Houses are running for reelection in 2022. The House is narrowly controlled by Democrats.
After reports that Democratic legislators failed to properly disclose assets and infringe the STOCK Act (a law that obliges Congressmembers and federal officials within a period of 45 days to disclose stock, bond, and other securities trades), the NRCC launched a campaign against them.
Business InsiderRecent reports have shown that 50 of the members of Congress failed to disclose stock transactions.
According to financial disclosure reports, Paul Pelosi’s husband and House Speaker, bought call options worth up to $3.5million in mega-cap stocks last year.
McCarthy representatives and the NRCC declined to comment.