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Kevin McCarthy Plans Barring Lawmakers from Trading Stocks if GOP Retakes Congress!…

New reports state that lawmakers and Congressional Staff Infringed the Stock Act during the COVID Pandemic.

• House minority leader Kevin McCarthy said that he is considering limiting or barring other lawmakers from holding or trading stocks if republicans retake the house in ’22.

• McCarthy said he is considering it but has not concluded what types of restrictions he could implement.

• A news network called punchbowl news stated that the new rules would only let lawmakers hold mutual funds or stocks in companies that are not relevant to the committees they hold.

• A New report by INSIDER.COM stated that over 52 lawmakers and 182 senior congressional staffers had violated the STOCK ACT

  • THE STOCK ACT:

• McCarthy is one of a handful of lawmakers who have abstained from trading individual stocks.

• The current speaker of the House, Nancy Pelosi, Defended the practice of lawmakers trading stocks after a new report stated that she and her husband had acquired call options in major companies in December of ’21.

• Nancy Pelosi said when asked about Lawmakers buying stocks – We are a free-market economy. They should be able to participate in that,”

• Democrats who have endorsed stock bans on lawmakers include Senator Elizabeth Warren and AOC.

• Senator Jon Ossoff, Democrat of Georgia, is also drafting a similar bill but in the senate. Jeff Merkley of Oregon and Georgia’s other freshman senator, Raphael Warnock, has endorsed it.

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