Staff Reports
According to a report in the New York Post, House Speaker Nancy Pelosi, a Democrat from California, is delaying legislation that would regulate stock trading by members of Congress. Pelosi announced that the House and Senate will consider the issue in September, but she refused to offer any additional details.
Pelosi has been evasive about whether or not she will follow through on her promise to take action on insider trading, despite the fact that she and her husband, Paul Pelosi, a financier and drunk driver, have made millions of dollars as a result of the practice. This has gone on for several months.
In answer to a reporter's request for additional information, she stated, We believe we have a solution that we can put to the floor this month. When the measure is finally passed, you'll be able to understand exactly what it entails.
Commentators have hypothesized that Pelosi may introduce a several hundred page measure with conflicting standards and opaque regulations so that she can claim credit for an anti-insider trading bill and continue to earn big profits.
According to the information provided by the Post, even Democrats, such as Representative Abigail Spanberger of Virginia, are aware that Speaker Pelosi has postponed legislation restricting congressional stock trading while appearing as if she expects to act on it.
When it claimed in a new report that about one hundred representatives and senators acquired or sold shares that interfered with their legislative and oversight obligations from 2019 to 2021, the New York Times may have overstated the problem of insider trading. This assertion was made in the report.
Others on the list, such as Representative Ro Khanna (D-California), yell and tweet about the necessity of prohibiting congressional stock trading, while at the same time they text their financial gurus to purchase shares in firms that Congress will back up in the next appropriations bill.
Khanna, whose election campaign was funded by substantial contributions from the financial industry, made about 10,500 stock trades, spanning 900 different companies. The investigation by the New York Times concluded that 149 of his trades might be in conflict with his responsibilities as a congressman.
It's possible that Pelosi will take the flak for blocking the bill, but the reality is that very few members want to really pass it.
According to the explanation of a Washington insider who wished to remain anonymous, You're not getting members of Congress to self-regulate the amount of money they can or cannot make. Why would someone choose to do something that isn't in their best interest?
The preceding is a summary of an article that originally appeared on Headline Wealth.
