{"id":89568,"date":"2023-01-25T12:48:18","date_gmt":"2023-01-25T18:48:18","guid":{"rendered":"https:\/\/milesfortis.com\/?p=89568"},"modified":"2023-01-25T12:48:18","modified_gmt":"2023-01-25T18:48:18","slug":"89568","status":"publish","type":"post","link":"https:\/\/milesfortis.com\/?p=89568","title":{"rendered":""},"content":{"rendered":"

Sen. Hawley\u2019s Insider Trading Bill Returns To Congress Under New Title \u2018PELOSI Act.\u2019<\/a><\/p>\n

U.S. Senator Josh Hawley (R-MO) reintroduced his 2022 insider trading bill Tuesday that would ban lawmakers and their spouses from holding and trading individual stocks and force political figures to return profits to American citizens under a new title dubbed the \u201cPELOSI Act.\u201d<\/p>\n

The Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act comes just over a year after Hawley introduced the original bill, in which he accuses politicians of somehow outperforming the stock market every year they hold office.<\/p>\n

This time around, the senator\u2019s updated version takes a jab at California Rep. Nancy Pelosi, who many Republican lawmakers had slammed after her husband, Paul Pelosi, sold up to $5 million worth of shares in\u00a0Nvidia<\/a>, a California company that produces semiconductors, just before the House voted on a bill surrounding the domestic chip manufacturing industry.<\/p>\n

\u201cFor 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,\u201d Hawley said in a\u00a0news release<\/a>.<\/p>\n

In addition to prohibiting members of Congress from taking advantage of the market and wielding their power and privilege over American citizens, The PELOSI Act would also ban said politicians from holding diversified mutual funds, exchange-traded funds, or exempt U.S. Treasury bonds.<\/p>\n

Six months upon assuming office, the bill would require new congressional members to divest or place prohibited holdings in a blind trust \u2014 to remain there while they are serving the American people.<\/p>\n

Spouses of American politicians in Congress would also have to forfeit any investment profits back to the American people through the U.S. Treasury.<\/p>\n

Violation of the Act could result in losing the ability to deduct the losses of those investments on their income taxes and other additional fines.<\/p>\n

Earlier this month, Business Insider\u00a0reported<\/a>\u00a0at least 78 congressional members, Democrats and Republicans alike, had violated a 2012 law known as the STOCK Act \u2014 Stop Trading on Congressional Knowledge Act \u2014 which lawmakers designed to combat insider trading among lawmakers and force public servants to disclose their personal financial dealings, including any stock trade made by themselves, a spouse, or a dependent child.<\/p>\n

Still, according to the report, lawmakers allegedly broke the law, citing ignorance, clerical issues, and accounting mistakes.<\/p>\n

\u201cAs 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,\u201d Hawley said. \u201cWhile Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price.\u201d<\/p>\n

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Sen. Hawley\u2019s Insider Trading Bill Returns To Congress Under New Title \u2018PELOSI Act.\u2019 U.S. Senator Josh Hawley (R-MO) reintroduced his 2022 insider trading bill Tuesday that would ban lawmakers and their spouses from holding and trading individual stocks and force political figures to return profits to American citizens under a new title dubbed the \u201cPELOSI … Continue reading “”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,79],"tags":[],"class_list":["post-89568","post","type-post","status-publish","format-standard","hentry","category-corruption","category-government"],"_links":{"self":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/89568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89568"}],"version-history":[{"count":1,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/89568\/revisions"}],"predecessor-version":[{"id":89569,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/89568\/revisions\/89569"}],"wp:attachment":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}