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 October 5, 2022

Democrat calls for ‘new leaders’ after stock trade ban vote goes nowhere

Rep. Abigail Spanberger (D-VA) demanded new House Democratic leadership after the lower chamber failed to pass a resolution prohibiting legislators from trading stocks.

Following a February directive from House Speaker Nancy Pelosi (D-CA), Rep. Zoe Lofgren (D-CA) proposed the Combating Financial Conflicts of Interest in Government Act on Tuesday, which forbids senior government officials and members of their families from trading stocks, according to Breitbart News.

But House Majority Leader Steny Hoyer (D-MD) said the measure wouldn't be put to a vote before the fall elections "Probably no vote this week," Hoyer told CNN on Friday, as congressional members leave to focus on their campaigns ahead of the midterm elections on November 8.

"I haven't read it, it's a complicated issue, as you can imagine, as a new rule for members they have to follow, and their families as I understand, so I think it deserves careful study to make sure if we do something, we do it right," Hoyer went on.

Spanberger introduced similar legislation in early 2021, and had harsh words for the Democrat leadership officials for their seeming unwillingness to bring the measure to a vote.

"Our job as elected officials is to serve the people — not ourselves," the Virginia Democrat said in a statement on Friday.

Spanberger continued:

For months, momentum grew in both the U.S. House and the U.S. Senate to finally take a step towards prohibiting Members of Congress from day trading while on the job. We saw remarkable progress towards rectifying glaring examples of conflicts of interest. And after first signaling her opposition to these reforms, the Speaker purportedly reversed her position. However, our bipartisan reform coalition was then subjected to repeated delay tactics, hand-waving gestures, and blatant instances of Lucy pulling the football.


Written By:
Charlotte Tyler

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