By: Economic & Finance Report
US Speaker of the House and leader of the House Democrats; Ms. Nancy Pelosi has indicated she believes house members and Congress members, in general should be allowed to trade stocks. She indicated that the US is a capital market society and free market society. She indicated that Congress members and their families should not be barred; nor penalized for indulging in equity trading.
Speaker Pelosi’s remarks came after a question was posed, about the late disclosures from Congress members indicating they have participated in equity trading (stocks); within the past year. New York Congresswoman Alexandria Ocasio has been vocal about interest by members of Congress, participating in trading stocks. She has indicated that Congress members should not be allowed to trade stocks for their personal gain, because they are voted into office by the will of the people.
There has been an ongoing debate about members of the US legislature being involved in insider trading; but there is currently no rule, nor law that disallows Congress members from participating in stocks trading; as long as they are able to disclose their investments and/or trades within 45 days of pursuing their transactions. This was put in place by the passing of the STOCK Act (2012), by Congress. -SB
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