I guess we have good news to report!
It seems that the move to ban insider trading could get pushed through with a bi-partisan effort.
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A well-known insider trading person herself, Nancy Pelosi, supports this ban which bans members of Congress from trading stock.
Check this out:
House Speaker Nancy Pelosi (D-CA) is moving to ban stock trading in Congress. A House committee is drafting the rules and the legislation is expected to be put up for a vote this year, @ylanmui reports@CNBC pic.twitter.com/W5r0leYC9g
— Squawk on the Street (@SquawkStreet) February 9, 2022
But Pelosi puts stipulations on this! She calls this ban to be government-wide.
Fox News reported:
House Speaker Nancy Pelosi, D-Calif., said Wednesday the House is making progress on legislation to curb stock tradings in Congress, but added that she’s insisting any stock legislation apply to the Supreme Court too.
“It has to be government-wide,” Pelosi said Wednesday of the criteria she wants to see in any stock legislation.
“The third branch of government, the judiciary, has no reporting,” Pelosi added at a Capitol news conference. “The Supreme Court has no disclosure. It has no reporting of stock transactions. And it makes important decisions every day.”
Initially, Pelosi was against this ban, but now it appears that she’s changing her tune.
The reason for this is because those congress members who are opposed to this are getting called out for doing insider trading. Pelosi has been called out for this a couple of times!
Joe Rogan called her out only a couple of months ago!
— Josh (@Joshuajammes) January 13, 2022
Here are the Twitter reactions.
Botox Pelosi is so corrupt she's writing a bill to throw the heat off of her for insider trading.
— Carleen (@Carleen58392505) February 10, 2022
Average, every-day Americans would go to prison if we manipulated the stock market like Nancy Pelosi. It’s time to end insider trading.
Read the full Press Release below ⬇️ pic.twitter.com/oPv5xX3fXC
— Alexis Martinez Johnson (@alexisjohnsonnm) February 10, 2022
How did Nancy make $120 million from a salary of $223,000?
answer…insider trading which was what Martha Stewart was jailed for,,,where's the justice???
— Patriot_1952 (@Patriot_1952) February 10, 2022
It's funny the conversation is about "Should members of Congress/their families be allowed to continue insider trading" and not "Should members of Congress/their families have to return the hundreds of millions of dollars of past illegally-obtained insider-traded gains."
— Eli Valley (@elivalley) February 10, 2022
Banning insider trading is great; it has to be a more comprehensive bill.
No matter how the bill comes out, if we held them accountable for those profits already gained, it would make them think twice about repeating those actions.