California Democrat Rep. Nancy Pelosi, in particular, has come under fire numerous times for her controversial and well-timed stock trades.
Pelosi turned heads again last month with another conveniently timed stock sale. A sale that Pelosi disclosed in late December shows Pelosi sold around 30,000 shares of Google stock roughly three weeks before the Justice Department and eight states announced an anti-trust lawsuit against Alphabet, which is Google’s parent company.
In January, Missouri Republican Sen. Josh Hawley introduced the PELOSI Act, or officially the Preventing Elected Leaders from Owning Securities and Investments Act, that would prohibit members of Congress and their spouses from holding or trading individual stocks.
The bill already has support from many House Democrats.
“As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again. While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hard-working Americans pay the price. The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks,” Hawley said.