Fifty-four members broke the law prohibiting elected officials from engaging in insider trading in Congress. The “Stop Trading on Congressional Knowledge Act of 2012,” also known as the “STOCK Act,” was intended to make stock trading illegal. It was designed to avoid potential conflicts of interest when managing the people’s business.
Members of Congress from both parties have been discovered trading stocks while in office, although most of them get a $200 fine. Twenty-seven members of Congress have asked House leadership to introduce legislation prohibiting them and their immediate family from doing so. Senior workers would be placed in the no-trade zone under the “TRUST in Congress Act.”
Moreover, Rep. Jared Golden (D-Maine) leads a group of lawmakers who believe that elected officials should be focused on serving the people rather than making a fast buck. In a letter to House leaders, they stated, “They came to serve the nation, not make fast cash.”
Speaker of the House Nancy Pelosi has expressed support for the plan, but she wants to see whether it needs to be tightened up. Other House lawmakers, such as Arizona Democrat Mark Kelly and Missouri Republican Josh Hawley, have sponsored their versions of the bill.
She has previously opposed the concept, claiming that they should be allowed to engage in a “free-market economy.” If members choose to move forward with some proposals, she will too. According to Pelosi, she’s always in favor of putting our members’ faith in them. It’s a Justice Department concern if some people convey the appearance that someone is performing insider trading.
Furthermore, Google and Salesforce call options worth $500,000 to $1 million apiece are among the Pelosi family’s trades this month. Financial Leasing Services is a real estate and venture capital investment and consultancy organization led by Paul Pelosi. In recent years he’s made considerable investments in firms like Amazon, Apple, and Google, which his wife is meant to supervise.
Members of Congress who have breached the rules on stock trading effectively encourage insider trading, with little more than a slap on the wrist to show for it. The fact that these laws should have previously been in place demonstrates the US Capitol’s corrupting power. A person in authority can affect the ups and downs of an economy, while simultaneously participating in it can only lead to evil.