In a renewed push to stop stock trading by members of Congress, Sen. Elizabeth Warren (D-Mass.) highlighted the substantial ethical risks posed by such practices.
What Happened: On Monday, in a post on X, Warren said that the voters should not have to wonder “if their senator or representative is making choices in Congress just to benefit their own wallet.”
In a video accompanying her post, Warren explained her support for the proposed legislation, which seeks to prohibit all elected officials, including the President and Vice President, from trading individual stocks.
“No one in this country should wonder whether or not their senator, their representative, and president is making a decision that is good for the country. Or maybe just good for their own private pocketbook,” Warren said in the clip.
She also points to the unique access that lawmakers have to market-moving information, along with their ability to influence legislation that can directly affect the value of stocks.
“We get a lot of insider information around here. And a lot [of] capacity to affect outcomes,” she says. “That’s true for senators, representatives, for [the] President, [and the] Vice-President.”
According to Warren, the bill says, “you don’t get to trade,” while acknowledging that it includes a “little bit of slop on how it comes in and so on timing,” referring to a potential phased or delayed rollout. She, however, believes that “the basic idea behind [it] is long overdue. It’s [a] good, solid build.”
Why It Matters: Last week, Rep. Nancy Pelosi (D-Calif.) endorsed the bill, which was surprising, since it was previously dubbed the PELOSI Act, a nod to the sharp rise in the Pelosi family’s net worth and Paul Pelosi’s high-profile stock trades over the years.
Pelosi said that she will come out in support of the bill, “no matter what they decide to name,” adding that “if legislation is advanced to help restore trust in government and ensure that those in power are held to the highest ethical standards, then I am proud to support it.”
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