Senator Josh Hawley has declared his intention to bring back the “Pelosi law” to prohibit the active members of the Congress and their spouses from negotiating actions, because he considers that he increases a conflict of interest.
Senator Josh Hawley has reintroduced the legislation which, according to him, will limit the conflicts of potential interests among elected officials.
Josh Hawley pushes for the “Pelosi law”
Senator Josh Hawley has a second to go to Prohibit members of the Congress And their partners to negotiate actions during their operation by reintroducing the “Pelosi law”.
The legislation has obtained renewed support in recent weeks since Hawley introduced it for the first time in January 2023. The elected officials of prevention to have the law on securities and investments (Pelosi) were blocked under the administration of President Joe Biden without reason specified. The former president refused to comment or act on the controversial subject for the majority of his mandate.
Pelosi's legislation seeks to restrict members of the Congress and their spouses to own or exchange individual actions. According to the bill, such assets held by the affected parties must be stripped or placed in a blind trust within six months of office insurance.
The bill specifically targets the ownership of individual actions and allows exceptions for diversified investments such as common funds, negotiated stock market funds and the obligations of the US Treasury.
The Pelosi law bears the name of the former president of the Chamber, Nancy Pelosi, whose husband, Paul Pelosi, was examined for major action exchanges. A particularly notable transaction concerned the actions of semiconductors shortly before the congress took measures on industry grants. Pure has so far denied any reprehensible act, but the incident has increased appeal to more strict regulations on the financial activities of the legislators.
Hawley Proposal in 2023 Also includes the intention to modify the law on ethics in the 1978 government and to strengthen the prohibition of the use of non -public information for private profit. Under the proposed legislation, any benefit from the negotiation of shares by legislators would have returned to American taxpayers.
Presidential support for the Pelosi law
Former President Joe Biden previously expressed support for the prohibition of action exchanges by members in office of Congress. In a statement is a month before the end of his presidential mandate, he said, on the “Union more perfect” podcast, that no one in the congress should be able to earn money on the stock market while they are elected.
“I do not know what you look like your voters and I know because of the work they have given you, gave you an inner track to earn more money. I think we should change the law,” he continued
Current President Donald Trump also made the movement known to the movement last week by approving the idea of prohibiting trade in congresses in an interview with Time Magazine.
“I watched Nancy Pelosi become rich thanks to initiate information, and I would agree. If they send it to me, I would,” said Trump when he asked the proposal. Once in a hurry by the journalist who asked, “Would you sign it?” Trump replied: “Absolutely”.
Trump’s approval could give Hawley bill an important political boost, especially among the Republicans who hesitated to choose one side on the subject.
Democrats are also increasingly expressed about the need for change. Last week, the chief of the Hakeem House Jeffries expressed support for a prohibition to negotiate shares for members of the Congress.
Reformation calls have been built for years. Several bipartite bills have been presented since 2020 to restrict or prohibit purely and simple the negotiation of the actions of the congress. The surveys carried out also systematically show that a large majority of Americans would support such a ban, but disagreements on the scope of the rules and how they would be applied have blocked progress.
Several Democrats and Republicans have introduced alternative proposals, some of which differ from the Pelosi law by allowing legislators to preserve their existing actions under blind trustee rather than forcing them completely to stop once they enter into office.
Hawley’s approach is among the strictest and most direct. By explicitly prohibiting both trading and property of individual actions, the Pelosi law would conclude gaps and eliminate any temptation or appearance of irregularity, according to its argument.
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