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.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
For further information, please visit AGF.com.
©2022 AGF Management Limited. All rights reserved.
