As the Republican-controlled House of Representatives begins to get to work in earnest here in the early days of 2023, there are plenty of items on the agenda already.
The fiscally-conservative among the GOP have already introduced bills that would abolish the Internal Revenue Service and the Bureau of Alcohol, Tobacco, and Firearms.
Now, in an incredible, (and hilarious), move, Republican Senator Josh Hawley is introducing his appropriately-named “PELOSI Act”.
Sen. Josh Hawley (R-MO) has introduced the “PELOSI Act” which would ban members of Congress, as well as their family members, from holding or trading stocks.
The legislation, known as the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, references former House Speaker Nancy Pelosi (D-CA) who was called out last year after her husband, Paul Pelosi, bought up to $5 million in stock in a semiconductor company right as the Senate was passing legislation to massively subsidize the semiconductor industry.
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Pelosi was also among a group of Republicans and Democrats who beat the market in 2021 with hundreds of millions of dollars in stock trades. Others who faired the best include Reps. Austin Scott (R-GA), Brian Mast (R-FL), French Hill (R-AR), John Curtis (R-UT), and Dan Crenshaw (R-TX).
Hawley remains hopeful that his bill will make waves.
“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” Hawley said in a statement.
“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,” he continued.
Pelosi and her husband appeared to have an uncanny, (and unrealistic), knack for beating the market to some major shifts, leading many to wonder if her status as House Speaker perhaps afforded her insider knowledge to be used to adjust the family’s finances.
Staff