The stock market is one of the most lucrative ways to invest money and can result in monumental gains if the game of stock trading is played right.
Everyone has access to the same information making the stock trading playing field level, but if someone were to have insider information it would be wholly unfair and corrupt of the disseminator of that information.
The information is readily available to lawmakers and thus available to spouses, close family and friends to make huge trades that can result in very profitable gains.
As a result of this there has been a bill developed to limit lawmakers and their families ability to stock trade.
Republican Representative of Texas Chip Roy has been outspoken about his thoughts on the progress of the STOCK Act.
He recently sent a letter to Nancy Pelosi expressing his concerns on the status of the bill.
“As you are aware, the House floor schedule this week contains the ‘Possible Consideration of Legislation Related to the STOCK Act.’ I am glad to see the House finally taking up the idea of reforming policies related to Member stock trading. However, as one of the original sponsors of reform language — notably introducing HR336, the TRUST in Congress Act, some 2 years ago with my Democrat colleague from Virginia, Abigail Spanberger — I was interested to see the ‘final’ language via Jake Sherman’s Twitter account last night.
“The state of the House of Representatives is absurd — and that is not a partisan statement. Like virtually every other legislative idea or proposal, we have not had any robust debate on reforms to member stock trading or even a ‘Member Day’ hearing that would allow each member of the House to air individual views on the matter. This complex issue requires thought, debate, amendment, and a full airing in committee to build as much bipartisan agreement as possible rather than the normal cram-down from the top that permeates literally everything we do.”
Pelosi’s spokesman Drew Hammill responded to Roy’s letter saying “As Rep. Roy is aware, the Committee on House Administration recently held the only congressional hearing on this topic. That bipartisan hearing helped forge this proposal, which is a comprehensive proposal that bans stock trading by Members but also addresses other needed reforms. Sadly, Rep. Roy appears intent on playing partisan games rather than being part of the solution.”
What do you think of the STOCK Act and it’s status on the House floor? Let us know in the Facebook comments.
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