Sen. Josh Hawley Introduces Groundbreaking Bill to Prevent Lawmakers from Profiting off Inside Information

This move by Senator Hawley comes amid growing concerns about the stock trading activities of some members of Congress, particularly in the wake of the COVID-19 pandemic. As Fox News reports, "some lawmakers have been accused of profiting off inside information about the pandemic’s impact on the economy."

The Pelosi Act is not the first bill of its kind to be introduced in Congress. According to The Hill, similar legislation has been proposed in the past but has not yet been passed into law. However, Senator Hawley is hopeful that this bill will gain traction, stating in a press release, "The American people deserve to know that their elected representatives are working for them, not using inside information to enrich themselves at the expense of everyday Americans."

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January 25, 2023

The Hill also reports that the bill would also require public officials to disclose any stock transactions they make within 30 days and would impose penalties on those who violate the ban, including fines and even jail time.

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This bill is not without its critics, with some arguing that it would impose unnecessary restrictions on the personal financial decisions of lawmakers. However, supporters of the Pelosi Act argue that it is necessary to restore public trust in government and prevent conflicts of interest. As Senator Hawley stated in his press release, "It’s time for Congress to clean up its act and show the American people that we’re serious about rooting out corruption and putting the interests of the people first."

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The bill prohibits members of Congress, as well as the President, Vice President, and top executive branch officials, from buying or selling individual stocks while in office. This bill is not the first of its kind to be introduced in Congress; similar legislation has been proposed in the past but has not yet been passed into law.

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The bill also would impose penalties on those who violate the ban, including fines and even jail time. This bill is a step towards restoring public trust in government and preventing conflicts of interest. Supporters of the Pelosi Act argue that it is necessary to ensure that elected representatives are working for the people and not using their position for personal gain.