Congress is finally taking a hard look at whether its members should be playing the stock market while holding the nation’s reins.
Fox News reported that on Wednesday, a House committee will dive into the contentious issue of congressional stock trading, spurred by growing concerns over profits possibly tied to insider knowledge.
Led by House Administration Committee Chairman Bryan Steil, R-Wis., the hearing—aptly named "Taking Stock of the STOCK Act"—aims to dissect current laws and explore reforms to stop what many see as a blatant conflict of interest.
The hearing will feature testimony from experts at the Taxpayers Protection Alliance and the Manhattan Institute, who are expected to weigh in on how to curb these controversial gains.
At the heart of the debate is whether members of Congress should be banned outright from trading individual stocks—a move that’s long overdue for those who believe public service shouldn’t double as a personal ATM.
Steil himself has been clear on the stakes, telling Fox News Digital, "Members of Congress should never profit off insider information." Well, that’s a noble sentiment, but let’s see if the gavel matches the rhetoric when the hearing unfolds.
Speaking of profits, the spotlight can’t help but fall on former House Speaker Nancy Pelosi, D-Calif., whose family reportedly raked in a staggering $130 million over her nearly 40 years in Congress, as noted by the New York Post.
Now that Pelosi has announced her retirement, some might wonder if this timing is a pure coincidence or a quiet exit before the heat turns up. Either way, her windfall fuels the argument that the system’s ripe for abuse.
Meanwhile, several current members of Congress continue to actively trade stocks and currencies, a practice that’s hard to justify when they’re privy to market-moving decisions before the public gets a whiff.
Enter Rep. Chip Roy, R-Texas, who’s not on the committee but has been a loud voice for change with his Restore Trust in Congress Act, a bill that would ban active stock trading for members and their immediate families.
Roy told Fox News Digital, "I'm glad to see the House taking another step towards banning members of Congress from day trading stocks, as it is far past time we act." It’s a sharp jab at the status quo, and frankly, he’s got a point—why should lawmakers play Wall Street while drafting the rules?
The hearing’s core mission is to figure out the best path forward, whether through tighter regulations or a full-on ban, to ensure Congress isn’t a get-rich-quick scheme for the well-connected.
Of course, not everyone’s sold on a total ban—some argue it might deter qualified folks from the banking sector from running for office, as if we’re short on financiers in politics already. Still, it’s a concern that deserves a fair shake at the table.
Ultimately, the American people deserve a Congress focused on the nation’s bottom line, not their own portfolios. This hearing could be a rare chance to restore some faith in a system that too often smells of self-interest.
