Chuck Schumer wants to vote on Congressional stock trading ban before midterm

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Senate Majority Leader Chuck Schumer is pushing for a vote on a congressional stock trading ban before the midterm elections in November, according to a source familiar with the matter.

There are a variety of proposals circulating in the House and Senate and key details have yet to be ironed out, including whether lawmakers’ spouses would also be banned from trading and whether the ban would include cryptocurrencies.

But the source said Schumer (D-NY) still wants Congress to push some form of bill through the Senate and House before the midterm elections scheduled for Nov. 8.

Last week, House Majority Leader Nancy Pelosi (D-California) also said she had been involved in discussions on a securities trading bill, adding, “We believe we have a product that we can offer this month.”

Sen. Chuck Schumer wants a vote on a stock trading ban before the midterms, according to a source familiar with the matter.
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Pelosi’s husband, Paul, has come under fire for making millions of dollars trading shares of tech companies his wife is supposed to regulate.

Although there is no hard evidence showing that the Pelosis traded using insider information, their portfolio has often outperformed the S&P 500, The Post reported in January.

Nancy Pelosi initially rejected calls to ban stock trading, dismissing such behavior as part of the “free market economy” in December. Following an outcry, she dropped her opposition to a ban in February.

The Pelosis are far from alone in profiting from dodgy dealings, with 97 members of Congress or members of their immediate families having bought or sold shares of companies in industries they are supposed to oversee as part of their assignments on the committee, according to a recent New York Times analysis.

Nancy Pelosi
House Majority Leader Nancy Pelosi said she wants to propose a stock trading ban in a vote in September.
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However, not all Senate Democrats seem to agree with a vote before the midterms.

Sen. Jeff Merkley (D-Ore.), a leading proponent of a stock trading ban, told the insider last week that a stock trading ban will not occur until after midterm.

“I can’t wait to cross the finish line, but it won’t happen before the election,” Merkley said.

A spokesperson for Sen. Jon Ossoff (D-Ga.), who has also been outspoken about Congress’ stock trading ban, also gave a noncommittal response when The Post asked when he expected a vote. .

“Haha I don’t know sorry!” Ossoff spokesman Jake Best said Wednesday.

Jeff Merkel
Sen. Jeff Merkley (D-Ore.) said a no-stock trading vote “won’t happen until after the election.”
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Some congressional staffers scoffed at the idea that lawmakers would ever ban themselves from stock trading.

“It’s all performative,” grumbled a cynical Senate staffer in July when asked about a possible ban. “It’s not going anywhere.”

“You don’t get members of Congress to self-regulate what money they can or can’t make,” another DC insider said at the time. “Why would they do something that doesn’t benefit them? »

Meanwhile, two proposed exchange-traded funds named after Pelosi and Sen. Ted Cruz (R-Texas) plan to make it easier for everyday traders to copy lawmakers’ trades.

Additional reporting by Lydia Moynihan

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