Watchdog blasts top House Democrats’ plan for banning congressional stock trading: ‘They’ve included poison pills’

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Top House Democrats have offered Congress a resolution to halt stock trading, but it has been criticized for banning trading for Supreme Court judges, as the provision could serve as a poison pill. Is.

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Proposition – Democratic Rep. of California. The disclosure — revealed in a letter to aides last week by Zoe Lofgren, who chairs the House Administration Committee — comes in the wake of a bipartisan push to end Congressional buying and selling of individual shares.

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From the archives of MarketWatch (May 2022): It’s Time for a Crisis to Ban Congress from Trading Stocks

Walter Schaub, Senior Ethics Fellow at the Project on Government Oversight, a watchdog organization, has criticized the proposal. series of tweetsLofgren and House Speaker Nancy Pelosi of involving Supreme Court justices in the plan because they know Senate Republicans will kill it.

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Lofgren and Pelosi have “blocked bills with bilateral support,” Shoubi said, who served as director of the US Office of Government Ethics from January 2013 to July 2017. “He cut out all Dems who supported the stock ban, all Republicans, and all experts who could help draft a working bill. They included poison pills designed to eliminate the bill in the Senate. has done.”

A spokesman for the House Administration Committee did not immediately respond to a request for comment.

In law, a poison pill refers to a provision that undermines the original purpose of an attempt. The term is also regularly used during hostile corporate takeovers, when targeted companies try to make themselves unattractive to unwanted bidders.

Even if the House passes some sort of ban, the Senate is not expected to act on the issue before the November midterm election. Any legislation would require a Senate OK before President Joe Biden can sign it into law.

New ETF with ticker NANC, KRUZ aims to track stock purchases of lawmakers, as Congressional trading bans unlikely ahead of midterm elections

A MarketWatch report in January revealed how Congress resembled the Wall Street trading desk in 2021, with lawmakers and their family members making an estimated total of $355 million in stock trades as the market SPX.
+1.97%

DJIA,
+1.88%
increased during that year.

Many Democrats and Republicans in the House and Senate have introduced bills aimed at ending Congressional stock trading in an effort to limit conflicts of interest and increase confidence in the government.

now Race Featuring House Democrat Abigail Spanberger, Aims to Ban Congressional Business, Is Belvedere for the Midterm

And: Political ad spending is breaking records: Here’s where the money is going to the crucial Senate race



Credit: www.marketwatch.com /

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