WASHINGTON — House speaker Nancy Pelosi, along with Democratic leaders, have approved legislation to ban Congressmen from stock trading. CNBC confirmed Wednesday.

Under Pelosi’s guidance, the House Administration Committee has been drafting rules. The legislation will likely be submitted for a vote before the November midterm elections.

There are several forms of stock trading prohibitions in the Senate. One is co-authored and sponsored by Elizabeth Warren (Democratic) of Massachusetts and Steve Daines (Republican).

“When elected you are here to serve people and not the elite. [a stock trading ban]Daines said Wednesday to CNBC that it was a significant and positive step towards restoring the faith of American people in this institution.

There were many questions Wednesday regarding what investments are prohibited and what the incoming members must do in order to conform to a new law. It was also unclear whether relatives of legislators would be able to trade stocks.

Despite this, Pelosi supports a ban on stock trading in the House. This was first reported by Punchbowl News. It comes after decades of Congress leaders from both sides having rejected the idea of limiting the investments Congress members can have.

House and Senate leaders claimed in the past that banning stock trading would hinder their efforts to attract the most qualified candidates for Congress. Many of their families, including Pelosi, have made a fortune investing in stock markets, which includes Pelosi.

Pelosi’s top lieutenants and Pelosi have been subject to increasing pressure from the rank-and-file to pass a ban on stock trading in recent months.

This has been partly fueled by the increasing public support for a ban to prevent lawmakers from trading stocks.

The new disclosures reveal how numerous violations of the current law are. This is the 2012 STOCK Act. It was intended to protect Congress from insider trading.

54 individuals violated STOCK Act rules last year. according to an analysis by Business Insider published earlier this year.

Daines explained Wednesday, “The intention here is for members and their spouses to not trade or hold individual stocks and bonds. You can still see what assets you have in the blind trust even though you placed them there. It’s the fact of the matter, we are trying to eliminate conflicts of interests here.

The public is increasingly expressing support for a ban. There are growing signs that the public supports a ban. recent survey commissioned by a conservative advocacy found that 76% of voters believed that lawmakers and their spouses had an “unfair advantage” in the stock market. Convention of States Action also conducted a survey and found that just 5% of potential voters supported Congress’ trading of stocks.

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