Federal legislators could face increased trading limitations under update to STOCK Act.
Speaker of the House Nancy Pelosi spoke about plans legislators have to more strenuously penalize those who violate the STOCK Act. The act requires members of Congress to submit monthly reports on their stock trading to prevent them from using inside political knowledge to trade on the stock market. However, the New York Times reported on Tuesday that at least 97 members of Congress have violated this act with no consequences in the last two years.
Speaker Pelosi stated that she and other members of Congress have been “going back and forth and refining things.” She said, “We believe we have a product that we can bring to the floor this month.” She indicated uncertainty regarding the passage of any proposed bill, but was very happy with the current draft of the legislation. “I’m pleased with it, it’s very strong,” the speaker said.
As the Lord Leads, Pray with Us…
- For wisdom for the House speaker and other congressional leaders as the legislator stocking trading ban is proposed.
- For members of Congress to fulfill their roles with integrity and upright character.
Sources: NY Times, Reuters
