Contemplating Capitol Hill Trading? Top Republican Proposes Stock Ban for Congress Post-Zoll Upheaval
Republican Advocates for Stock Market Prohibition in Response to Customs Disarray
Get ready for some straight talk about the latest political hullabaloo surrounding stock trading within our prestigious political circles.
The zany dance of Trump's trade politics has led to a wild stock market rollercoaster, with both substantial losses from plunging stocks and breathtaking gains. And it seems some members of Congress have been cashing in too, most notably Trump's partner in crime, Marjorie Taylor Greene.
Just before Trump announced the suspension of tariffs, the Republican bought a boatload of stocks, worth thousands of dollars, in the likes of tech kingpins such as Apple and Amazon, pharmaceutical giants like Merck, and many more. While Congress members are required to disclose their trades with 30 days, the exact trade volume remains undisclosed.
This dodgy dealings stirred up serious doubts about insider trading. Yet, calls for Congress members to ditch stock trading have been echoed through the political corridors for quite some time now. And it seems even the usually evasive top Republican, House speaker Mike Johnson, has finally joined the party.
"To put it frankly, I think we should nip any hint of wrongdoing in the bud," says Johnson on the possibility of tightening existing trading rules. Interestingly, Johnson has been known to avoid this topic like the plague in the past.
Yet, it's not just Johnson who's upset. Former US President Trump has also lent his voice in support of tighter stock trading rules last month. "You've got my vote," the president told Time Magazine. "I'll definitely sign it," he added when asked about signing a law passed by Congress.
Nancy Pelosi, however, found herself under accusations of insider trading from the Trump camp, but she provided no evidence to back these claims. "Speaker Pelosi neither profits nor suffers from any stock transactions," a Pelosi spokesperson explained in response.
And if that wasn't enough, some lawmakers have been angling for tightened rules even before Trump took office. Back in 2017, dozens of both Democratic and Republican lawmakers jointly introduced the "Trust in Congress" Act, a proposed legislation that would ban all members of the legislative branches and their immediate family members from trading individual stocks.
But what exactly does the "Trust in Congress" Act entail? Unfortunately, specific details aren't in plain sight. But rest assured, we'll dig deeper and keep you posted on this intriguing development!
References: [1], [2], [3]
- Stock Trading
- Nancy Pelosi
- Donald Trump
- Insider Trading
- Stock Prices
- The proposition by the top Republican, Mike Johnson, suggests stricter regulations on stock trading for Congress members, aiming to prevent insider trading, a topic he usually avoids.
- Amidst the insider trading controversy, there have been calls for implementing the "Trust in Congress" Act, a proposed legislation that would ban all members of the legislative branches and their immediate family members from individual stock trading, a movement that started even before Donald Trump took office.
