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Texas Republican Rep. Chip Roy is calling out Democrats for claiming publicly that they will support a bill aimed at preventing lawmakers from insider trading.
A letter was sent to House Speaker Nancy Pelosi, and in it, Roy slammed Democrats for not moving with any urgency to hold a vote on the STOCK Act.
Roy said that he had worked on the bill with Democrat Rep. Abigail Spanberger that would prevent lawmakers and members of their families from trading individual stocks.
“As you are aware, the House floor schedule this week contains the ‘Possible Consideration of Legislation Related to the STOCK Act.’ I am glad to see the House finally taking up the idea of reforming policies related to Member stock trading. However, as one of the original sponsors of reform language — notably introducing HR336, the TRUST in Congress Act, some 2 years ago with my Democrat colleague from Virginia, Abigail Spanberger — I was interested to see the ‘final’ language via Jake Sherman’s Twitter account last night,” Roy wrote.
“The state of the House of Representatives is absurd — and that is not a partisan statement,” he continued.
“Like virtually every other legislative idea or proposal, we have not had any robust debate on reforms to member stock trading or even a ‘Member Day’ hearing that would allow each member of the House to air individual views on the matter. This complex issue requires thought, debate, amendment, and a full airing in committee to build as much bipartisan agreement as possible rather than the normal cram-down from the top that permeates literally everything we do.”
Roy said that members’ investments and their committee work have sparked bipartisan concerns about conflicts of interest.
Pelosi’s tea, of course, dismissed Roy’s concerns and accused him of making the issue political.
“As Rep. Roy is aware, the Committee on House Administration recently held the only congressional hearing on this topic,” Pelosi spokesman Drew Hammill said in a statement.
“That bipartisan hearing helped forge this proposal, which is a comprehensive proposal that bans stock trading by Members but also addresses other needed reforms. Sadly, Rep. Roy appears intent on playing partisan games rather than being part of the solution.”
Pelosi is of course going to be dismissive of this legislation because it would impact her and her husband.
Pelosi and her husband have come under intense scrutiny this year after their suspicious stock trades. She has consistently been accused of insider trading and insider knowledge.
The New York Post shared how the Pelosi family has made an enormous fortune in the stock market, especially in recent years:
And Pelosis’ overall portfolio — which has also included companies like Disney and Roblox — beat the S&P 500 by 4.9 percent in 2019 and a whopping 14.3 percent in 2020, according to data crunched for The Post by FinePrint, an outfit pushing for greater transparency of financial holdings on both sides of the aisle.
The Pelosis’ exposure to tech stocks, however, may have hurt them in 2021, when their portfolio underperformed the S&P 500 by 15.5 percent, according to FinePrint.
When asked whether the opportunity to profit from trades could create a conflict of interest, the speaker flatly said “no” and rejected the idea of a ban on trading individual stocks. Pelosi spokesman Drew Hammill did not dispute The Post’s findings that Paul Pelosi has generally outperformed the market but insisted that the trades are not an issue.