Nancy Pelosi has served in the House of Representatives for more than 35 years.
And in her first year out of leadership, the former Speaker already has a piece of legislation named after her.
But Nancy Pelosi will be furious over the reason a top Republican introduced a bill named after her in the U.S. Senate.
Last July, news broke that Nancy Pelosi’s husband Paul purchased $5 million worth of stock in Nvidia, a semiconductor company based in Santa Clara, California, right before Congress bailed out the industry with $52 billion in taxpayer dollars.
Paul Pelosi’s stock purchase called into attention how their net worth skyrocketed to nearly $150 million during her time in office.
But it’s not just Nancy Pelosi who seems to be using her position to enrich herself and her family.
Pelosi was only one of several Republicans and Democrats who outperformed the market in 2021 with hundreds of millions of dollars in stock trades.
Missouri Republican Senator Josh Hawley is hoping to put an end to members of Congress using their positions to enrich themselves and their families.
“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.”
Hawley introduced the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act in the Senate, which would ban members of Congress from holding, purchasing, or selling stocks while in office.
Once elected to office, the legislation gives members and their spouses six months to divest their stocks or place them in a blind trust until they are no longer in office.
“While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hard-working Americans pay the price,” Hawley said. “The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”
The American people are behind Hawley on the issue.
A Trafalgar Group poll taken last year showed only five percent of the American people support allowing members of Congress to trade stocks.
76 percent believe members of Congress have an “unfair advantage” and should be banned from trading while in office.
Politicians in the Swamp have been abusing their position to enrich themselves in the stock market for far too long.
And Senator Josh Hawley is trying to put an end to it.
Stay tuned to Right News Wire for any updates to this ongoing story.
