Rep. Nancy Mace Advocates for Stock Trading Ban for Congress Members
Rep. Nancy Mace, a Republican from South Carolina, is firmly backing the idea of prohibiting stock trading by sitting members of Congress. She expressed her view, stating, "We shouldn’t be voting on things we can benefit from financially," underscoring the importance of ethics in public service.
Mace, who has a conservative stance, indicated that she isn’t shocked by the lack of progress on this matter in Washington. "It’s Washington. It tends to operate in the same way, where the establishment holds the reins," she remarked. She noted that the impressive returns Congress members receive compared to the everyday American raise red flags about fairness.
Interestingly, Mace herself is not engaged in stock trading and has a reported net worth of $3.4 million. Meanwhile, former House Speaker Nancy Pelosi has been criticized for her significant stock trading activities, with some suggesting there’s a conflict of interest in her decisions.
When questioned about the stock trading ban, Pelosi did not respond, continuing on without addressing the issue.
Recently, Rep. Mark Alford from Missouri introduced a bill that seeks to enforce a ban on congressional stock trading, aligning with Sen. Josh Hawley’s "PELOSI Act" that aims to curb this practice in the Senate. The proposed legislation would not only prevent lawmakers and their spouses from trading individual stocks but would also impose penalties for any wrongful transactions.
House Speaker Mike Johnson has thrown his support behind this initiative, acknowledging that distrust in lawmakers has grown due to the actions of "a few bad actors." Even former President Donald Trump has weighed in, advocating for such a ban in a recent interview, pointing to Pelosi’s gains from insider information as a troubling example.
As this issue continues to unfold, there appears to be growing bipartisan support for a stock trading ban, showcasing a potential move toward greater accountability in Congress.
