House Democrats will release a framework next month that would ban congressional stock trading

House Democrats are expected to release their long-awaited stockbroker proposal in early August, according to the report.

The framework requires members of Congress, their spouses and senior staff to either place their assets in a qualified blind trust or sell them outright. Legislators, spouses and employees can still hold mutual funds.

The leadership’s goal is to get the bill through the House in September, Punchbowl News reported.

Representative Zoe Lofgren, who heads the House of Representatives’ governance committee tasked with reviewing the various proposals, told DailyMail.com on Friday that the framework would be released ‘in the coming weeks’.

Congressional stock buybacks reignited last week after Speaker Nancy Pelosi’s husband, Paul, bought more than $1 million worth of semiconductor company Nvidia stock as Congress negotiates a bill to pump billions into the semiconductor chip industry. The Senate approved that bill on Wednesday and the House is expected to approve it on Thursday.

But on June 17, Paul Pelosi sold 20,000 shares worth $1 million to $5 million ahead of Sunday’s vote on the CHIPS Plus bill, which would inject $52 billion into the semiconductor market.

As Congress negotiates to pump billions into the semiconductor chip industry, congressional stock buybacks have been reignited last week after Speaker Nancy Pelosi's husband, Paul, bought more than $1 million worth of stock in semiconductor firm Nvidia.

As Congress negotiates to pump billions into the semiconductor chip industry, congressional stock buybacks have been reignited last week after Speaker Nancy Pelosi’s husband, Paul, bought more than $1 million worth of stock in semiconductor firm Nvidia.

But on June 17, Paul Pelosi sold 20,000 shares worth $1 million to $5 million before Sunday's vote on the CHIPS Plus bill, which would inject $52 billion into the semiconductor market.

But on June 17, Paul Pelosi sold 20,000 shares worth $1 million to $5 million before Sunday’s vote on the CHIPS Plus bill, which would inject $52 billion into the semiconductor market.

‘Did your husband buy or sell shares based on the information received from you?’ she asked the speaker during her weekly briefing last week.

‘No,’ she scoffed. ‘Not at all.’ Pelosi then left the stage.

The Pelosi’s are one of the wealthiest couples in Congress and Paul Pelosi has been called one of the most famous stock traders of all time. The speaker’s office repeatedly reminds Nancy that she owns no stock.

A broad bipartisan consensus has been behind banning individual stock trading for members and their spouses for months. Lawmakers in both parties have floated several bills, none of which have made it to the floor, since Pelosi first expressed optimism for such a ban in February.

Last Wednesday, Senator Josh Hawley wrote a letter asking Democrats to hold hearings on the ban on stock trading.

“This issue of whether and how members of Congress engage in various financial transactions is a matter for the committee to investigate,” Hawley wrote to Sen. Gary Peters, chairman of the Homeland Security and Governmental Affairs Committee.

“In 2020, Speaker Pelosi and her husband outperformed the S&P 500 by 14.3 percent,” Hawley said. Ninety percent managed investment funds failed to beat the market, says a report.

After initial opposition, Pelosi changed tune in February and said she would be behind a stock ban if it was aimed at the government, not just Congress.

The California Democrat told reporters, ‘It should be statewide. “The judiciary has no record. The Supreme Court has no record. It has no record of stock transactions, and it makes important decisions every day.’

'Did your husband buy or sell shares based on the information received from you?'  she asked the speaker during her weekly briefing last week.

‘Did your husband buy or sell shares based on the information received from you?’ she asked the speaker during her weekly briefing last week. “No,” she scoffed. ‘Absolutely not,’ Pelosi said.

It wasn’t a resounding endorsement, but it was a change of tune from three months ago, when Pelosi railed against her husband and the rest of Congress’s stock-trade powers.

We are a free market economy. ‘[Lawmakers] He should be able to participate in that,’ she said in December.

Despite widespread support, some Democrats blame the leadership for stopping such bills from getting a vote.

Rep. Abigail Spanberger, D-Va., who has introduced a bipartisan proposal to force members to put assets into blind trusts, said: ‘The people who control the calendar don’t want to bring it to the floor.’ “The people who control the legislative committees don’t want to bring it to the floor.”

Paul Pelosi, owner of Financial Leasing Services, has amassed a personal fortune of approximately $135 million.

In the year In 2021, the House speaker ranked as the 14th richest member of Congress with an estimated net worth of at least $46,123,051, Insider reported.

Paul Pelosi’s lucrative stock trading social investment app, Iris, lets users track the pair’s trades and get notified every time Paul makes a purchase so they can do the same.

And the popular Twitter account @NancyTracker, which tracks Pelosi’s investments, has been banned from the social media network.

The 2012 Stock Act prohibits members of Congress from using for personal gain ‘any non-public information derived from the individual’s position … or from the performance of the individual’s duties.’

It also required lawmakers to publicly disclose any stock, bond, commodity futures and other securities transactions within 45 days, rather than once a year.

Pelosi is far from alone in her husband’s stock business – more than 220 other representatives and senators, around 40% of Congress, held together at least $225 million in 225 stock assets, according to Insider’s investigation.

An insider investigation found that 49 members and 182 congressional staffers were late reporting trades from January to September 2021 in violation of the Stock Act.

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