Nancy Pelosi Stalls on Congressional Stock Trading Reform
Author: Greg Valliere
October 4, 2022
ADVOCATES OF REFORM have complained for years that House Speaker Nancy Pelosi had bottled up the bill; she once famously said that “we’re a free-market economy,” so lawmakers “should be able to participate in that.” Critics retorted that Pelosi was protecting her husband, who is an active stock trader.
THE PROTESTS INTENSIFIED EARLIER THIS YEAR from rank-and-file members, and Pelosi agreed to take up the issue. But the effort has stalled; Majority Leader Steny Hoyer (D) said the bill needs more consideration. Passage in the post-election lame duck session is possible but more delays are likely.
THIS HAS NFURIATED MANY DEMOCRATS, including Virginia Rep. Abigail Spanberger, a Democrat in a tough re-election fight this fall. “We’ve watched delay after delay after delay,” she stated, which she said was “a failure of House leadership.” Spanberger’s reform bill has also stalled.
THE PUBLIC OVERWHELMINGLY SUPPORTS trading reform for members of Congress, Cabinet Secretaries and Supreme Court justices. But the latest bill endorsed by Pelosi is widely viewed as complicated and almost designed to fail.
MOST DEMOCRATS ARE WARY OF SPEAKING OUT against Pelosi, but this issue has become a very public fight within the party, as younger members seek new leadership — away from Pelosi, 82, Hoyer, 83, and James Clyburn, 82.
IF THE DEMOCRATS LOSE CONTROL of the House this fall, which is probable, Pelosi almost certainly will step down. Even if Democrats keep control of the House, it’s unlikely she will stay as Speaker.
A NEW GENERATION, headed by Rep. Hakeem Jeffries of New York, 52, is restive. Jeffries, formerly a corporate lawyer, is the favorite to become the next Speaker, although he will face a challenge from Rep. Pramila Jayapal and the progressive left.
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