Congressional stock trading ban gains momentum with support from Pelosi

After initally opposing such an initiative, House Speaker Nancy Pelosi (D-Calif.) is now working to craft a congressional stock trading ban, Axios reports, per Punchbowl News.

At Pelosi’s direction, “the House Administration Committee is working on drafting the rules” for a ban, “and the legislation is expected to be put up for a vote this year, likely before the November midterm elections,” notes CNBC

The movement to limit or prohibit members of Congress from owning a stock is already one with bipartisan support across both the House and the Senate, notes Axios. In January, 27 representatives from both sides of the ideological spectrum signed a letter urging Pelosi and House Speaker Kevin McCarthy (R-Calif.) to consider a ban for lawmakers. And in the Senate, Sens. Elizabeth Warren (D-Mass.) and Steve Daines (R-Mont.) have teamed up to draft their own version of a policy.

“When you’re elected, you’re here to serve the people, not the elite, and [a stock trading ban] I think is a step forward, an important step forward, to restore the faith and trust of the American people in this institution,” Daines told CNBC on Wednesday.

What exactly the ban will prohibit — whether lawmakers’ family members can still trade, what type of investments are off limits, etc. — still remains to be seen, but Pelosi’s support “represents a significant shift for the speaker, especially considering her husband is an active trader, notes CNBC and Axios.

Pelosi had previously told reporters in December that the U.S. is a “free-market economy,” and lawmakers “should be able to participate in that.”

“Listen, you put your assets in a blind trust,” Daines continued Wendesday, “you’re still aware of what assets were put in that blind trust. That’s just the reality of it, and we’re trying to reduce the conflicts of interest here.”

After initally opposing such an initiative, House Speaker Nancy Pelosi (D-Calif.) is now working to craft a congressional stock trading ban, Axios reports, per Punchbowl News. At Pelosi’s direction, “the House Administration Committee is working on drafting the rules” for a ban, “and the legislation is expected to be put up for a vote this…

After initally opposing such an initiative, House Speaker Nancy Pelosi (D-Calif.) is now working to craft a congressional stock trading ban, Axios reports, per Punchbowl News. At Pelosi’s direction, “the House Administration Committee is working on drafting the rules” for a ban, “and the legislation is expected to be put up for a vote this…