Report: Kevin McCarthy Weighs Banning Lawmakers from Holding, Trading Stocks

[mystery-ak]

Report: Kevin McCarthy Weighs Banning Lawmakers from Holding, Trading Stocks

Wendell Husebø 11 Jan 2022

House Minority Leader Kevin McCarthy (R-CA) may ban lawmakers from holding or trading stocks if he wins the speaker’s gavel in November, a report suggests.

McCarthy’s plan of banning members like House Speaker Nancy Pelosi (D-CA) and Rep. Dan Crenshaw (R-TX) from trading stocks is still under development and undefined as to how far-reaching the limitations would be, Punchbowl News reported.

“One idea would be to force lawmakers to hold only professionally managed mutual funds. Another proposal the GOP leadership is considering would bar lawmakers from holding stocks in companies or industries their committees oversee,” the news site reported. “Other members have advocated for mandatory blind trusts for lawmakers’ holdings.”

Lawmakers are currently permitted to trade and hold stocks with a limited degree of transparency under the STOCK Act. But with a significant majority of Americans skeptical of lawmakers trading stocks based on information not widely known outside Congress, a movement may be afoot to ban congressional members from cashing in.

The largest congressional offenders of stock trading are reportedly House Republicans, though Speaker Pelosi is one of the wealthiest members of Congress in connection with her husband, Paul, who engages in extremely profitable tech stock trading.

In July, the Pelosis earned $4.8 million dollars trading tech options. Yet Speaker Pelosi claims she does not own any stocks her husband trades.

more
https://www.breitbart.com/politics/2022/01/11/report-kevin-mccarthy-weighs-banning-lawmakers-from-holding-trading-stocks/

[catfish1957]

A tad draconian.  I could live with establishing a congressional financial  institution that the members can singularly hold investments in.  AND that details of these accounts are fully transparent and disclosed to the public.

[corbe]

[Cyber Liberty]

McCarthy sez:  "Blahblahblah..."

[Kamaji]

All investments should be held through a blind trust, and should include not only the member of Congress, but his/her spouse, and close family members unless the family member gets a specific exemption from Congress (or from an appointed review board) based on a demonstration that the family member's investments are unlikely to affect the Congress member's decisions, and the family member will not be privy to anything that would count as insider information.

[catfish1957]

All investments should be held through a blind trust, and should include not only the member of Congress, but his/her spouse, and close family members unless the family member gets a specific exemption from Congress (or from an appointed review board) based on a demonstration that the family member's investments are unlikely to affect the Congress member's decisions, and the family member will not be privy to anything that would count as insider information.

That pretty much used ot be the standard.  I guess things have changed.

[Kamaji]

That pretty much used ot be the standard.  I guess things have changed.

As far as I know, it's not mandatory.  It should be strictly mandatory.

[DefiantMassRINO]

Sure he does.  They'll find a less obvious way to engage in insider trading.

[Hoodat]

I'm all for it.  At the very least, it will show us which legislators choose to resign rather than divest their insider trading schemes.  It also will force members of Congress to give up their fat pension plan and dump all their money into the Social Security Ponzi Scheme like the rest of us are forced to do (at the point of a gun).

[Killer Clouds]

IF is the biggest word in the dictionary. Even when the GOP takes back the house hopefully they will be smart enough to listen to 5he people and tell RINO McCarthy to kick rocks.