Pulling the Plug on Political Profiteering: Top Republican Wants to Ban Stock Trading by Lawmakers Amidst Scandals
Republican Advocates for Prohibition of Stock Trading Among Congress Members
In the chaotic aftermath of Zoll-Chaos deals, the spotlight shifts to Capitol Hill. Congress members, including Donald Trump's ally Marjorie Taylor Greene, have caught the eyes of critics for their stock trading endeavors. Greene, a representative from Georgia, has made headlines for her strategic stock purchases, which included tech giants like Apple and Amazon, as well as the pharmaceutical giant Merck, amidst Trump's controversial trade policies.
Critics claim that Greene's timing of her investments, particularly before the tariff rollback, smacks of insider trading. Although lawmakers are required to disclose their trades within 30 days, the exact volume of the trade remains undisclosed, leaving room for suspicion.
The controversy has sparked renewed calls from both parties to restrict stock trading by members of Congress. Democratic minority leader in House Hakeem Jeffries has voiced his support for tightening the existing rules, stating, "We need to change the law so that serving members of Congress cannot trade stocks."
Shockingly, Mike Johnson, the top Republican and Speaker of the House, has also voiced his agreement. Johnson, who plays a pivotal role in the legislative process, asserted, "I'm for it because I think we shouldn't give the appearance of impropriety."
Even former US President Trump has expressed his approval for stricter regulations, saying, "I would be in favor of it. If they send it to me, I would definitely do it," when asked about signing a law passed by Congress.
The Pelosi family has also come under scrutiny for their handling of stock transactions. Although Nancy Pelosi has a high number of trades in her name, they are attributed to her husband, Paul Pelosi. Members of Congress are required to disclose the activities of their close relatives as well.
Several legislative proposals aimed at addressing this issue are already on the table, including the PELOSI Act, the Brittany Clardy Act, and various legislations cosponsored by Congressman Morgan McGarvey. These proposals generally aim to enhance public trust in Congress by preventing lawmakers from potentially profiting from non-public information.
ECcountries could consider adopting a stricter employment policy that prohibits their politicians from engaging in stock trading, similar to the ongoing debate in the United States. Investing in such a policy could potentially boost public trust and minimize controversies related to political profiteering. Alongside economic matters, discussions about a general-news ban on lawmakers' stock trading could be a topic of interest in the realm of politics. Furthermore, the increasing calls for investing in stricter laws to prevent insider trading could also have implications for crime-and-justice, as such activities often involve illegitimate use of non-public information.
