Pelosi flips on stock trading ban as momentum builds for new legislation

US Speaker of the House Nancy Pelosi holds a news conference on Capitol Hill in Washington, DC, USA, 09 February 2022 (EPA)

House Speaker Nancy Pelosi hinted some openness to banning members of Congress and their spouses from trading stocks as both Democrats and Republicans push forward for legislation banning the practice.

Ms Pelosi made the remarks at her weekly news conference on Wednesday.

“I’m a big believer in our committees and we’ve tasked the House administration committee to review the options members are putting forth,” she said. Ms Pelosi also said there needed to be tighter enforcement of the STOCK Act, which ostensibly prevents trading.

“The judiciary has reporting, the Supreme Court has no disclosure, it has no disclosure of stock transactions and it makes important decisions every day,” she said. “I do believe in the integrity of people in public service. I want the people to have that understanding. We have to do this to deter something we see as a problem, but it is a confidence issue and if that’s what the members want to do.”

Ms Pelosi said most people were talking about how a ban affects members but she also was saying that there needs to be disclosure for the the Supreme Court. She also noted how people who join the executive branch and divest in their stock don’t pay capital gains taxes.

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