A bill to prevent members of Congress and their spouses from trading or owning stocks while they hold elective office, which was introduced in February, is at a standstill amid a denial from House Speaker Nancy Pelosi, D-Calif., that her husband bought stock based on inside information she provided him.
The measure, called the Bipartisan Ban on Congressional Stock Ownership Act of 2022, was introduced in the House by Rep. Pramila Jayapal, D-Wash., and, to date, has 14 cosponsors, a majority of which are Democrats.
The legislation, according to its text, would prohibit members of Congress and their spouses from “stock trading and ownership.” In addition, it states that the elected members and their spouses should not “own an interest in or trade (except as a divestment) any stock, bond, commodity, future, or other form of security, including an interest in a hedge fund, a derivative, option, or other complex investment vehicle.”
Since its introduction, the bipartisan measure has been referred to several committees, with the latest action taking place Feb. 24, when it was further referred from the House Agriculture committee to its Subcommittee on Commodity Exchanges, Energy and Credit.
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