Sen. Jon Ossoff is planning to introduce legislation to prohibit members of Congress from holding or trading individual stocks while in elective office, a source told FOX Business.
Former Forbes Chairman and editor-in-chief Steve Forbes on the market selloff, inflation, the Federal Reserve and Manhattan DA Alvin Bragg defending a soft-on-crime approach.from holding or trading individual stocks while in elective office, a source familiar with the matter told FOX Business.
The proposed bill could serve as a major rebuff of House Speaker Nancy Pelosi, D-Calif., who just a few weeks ago vehemently defended the practice, even though it has drawn scrutiny because it could give lawmakers the chance to profit off inside information gleaned through their official duties. "We are a free market economy. They should be able to participate in that," Pelosi told reporters on Dec. 15. Pelosi does not own any stock herself, but her husband holds tens of millions of dollars worth of stocks and options in companies like Apple, Disney, Amazon and Google.
Lawmakers' spouses are allowed to trade in companies or industries that their partner may help regulate. But under the STOCK Act, passed in 2012, it's illegal for members of Congress and their families to profit from inside information and requires lawmakers to report stock trades to Congress within 45 days."We have a responsibility to report," Pelosi said. "If people aren’t reporting they should be.
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