(UnitedVoice.com) – House Speaker Nancy Pelosi (D-CA) and her husband, Paul, have benefited greatly from the current laws on members of Congress owning stocks. The Pelosis have made millions in the stock market. Two senators have now proposed a law that would make that impossible but also give lawmakers a sweet tax break.
Senators Elizabeth Warren (D-MA) and Steve Daines (R-MT) have introduced a bill that would ban members of Congress from buying, selling or trading stocks. The legislation goes a step further and prohibits lawmakers’ spouses from doing any of that either. Both senators say it’s a bill Congress needs to pass because the American people should be able to trust that lawmakers don’t have a financial interest when passing bills.
Off course they'd create loopholes it's what they do.
Pelosi's Empty Stock Talk: Dem Bill to 'Ban' Trading Has Loophole Lawmakers Can Exploit to Get Rich via @WestJournalism https://t.co/I4SHIOfovL
— MEXODUS (@_mexodus_) February 17, 2022
However, there’s some criticism of the bill because it would force lawmakers to sell their stocks, and they would be allowed to invest the money in broad-based investment funds or Treasury bonds. When they do that, they could defer the payments toward the capital-gains tax. According to the New York Post, if the lawmaker dies before the sale is complete, their next of kin won’t have to pay the capital gains tax at all.
In other words, Congress members and their spouses could still benefit from the legislation. Pelosi would make out like a bandit either way.
Do you support banning congressional members from buying stocks or do you think a different bill would be a better option?
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