President Joe Biden announced his support for a ban on congressional stock trading, a move that could impact prominent lawmakers like Nancy Pelosi.
President Joe Biden has endorsed a ban on congressional stock trading , a move that could affect Nancy Pelosi , one of the wealthiest Democrats in Congress. Biden discussed a ban during an interview with Faiz Shakir, a political adviser for Senator Bernie Sanders, released on Tuesday night by the More Perfect Union channel on YouTube. 'I think we should be changing the law...
at the federal level that nobody in the Congress should be able to make money in the stock market while they're in the Congress,' Biden said. 'I don't know how you look your constituents in the eye and know, because the job they gave you, gave you an inside track to make more money,' he said. Newsweek has reached out to the White House and representatives of Nancy Pelosi via email for comment. Why It Matters Former House Speaker Nancy Pelosi, whose husband Paul Pelosi is a wealthy investor, is one of the most prominent lawmakers who has benefited from stock trades. She came under scrutiny in 2022 after her husband made $5.3 million off Alphabet options before a House panel considered antitrust actions against the Google parent company. Nancy Pelosi—who is thought to have played a critical role in the behind-the-scenes effort to get Biden to end his reelection campaign this summer—denied at the time accusations that Paul Pelosi traded on information she gave to him and pointed out that her husband's options were set to expire the same day he exercised them. What To Know Congressional stock trading is a controversial issue that has previously attracted the attention of lawmakers, but attempts to legislate against the practice have failed. A bipartisan proposal to ban trading by members of Congress and their families has dozens of sponsors, including Democratic Representative Alexandria Ocasio-Cortez and former GOP Representative Matt Gaetz, but it has not received a vote, having stalled before reaching the Hous
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