Democratic Senator Ossoff turns to ban lawmakers and stock trading families after Pelosi defended them

Georgia Senator Jon Ossoff, 34, is the youngest sitting senator and one of only 10 to put their financial assets in a blind trust

First-year Democratic Senator Jon Ossoff wants to ban members of Congress from trading individual stocks during their tenure, according to a report on Saturday.

The Georgia senator is said to be seeking a Republican co-sponsor for the Ossoff ethics bill, which would bar lawmakers and their families from participating in the stock market during their tenure in Congress, according to the New York Post.

Ossoff is likely to face strong opposition within his own party.

The crackdown on members of Congress who trade in stocks was opposed by House Speaker Nancy Pelosi, whose husband earned millions of dollars in individual stock transactions just last month.

At 34, Ossoff is the youngest sitting senator. He is also one of 10 sitting members of Congress – which has 535 voting members – to place its financial assets in a qualifying blind trust, an arrangement approved by Congress in which a lawmaker transfers control of their assets to an entity. independent.

His bill could also force his colleagues to do the same.

With the exception of the Stop Trading on Congressional Knowledge Act (STOCK Act) of 2012 which prohibits lawmakers from using non-public information for private purposes and requires them to publicly disclose transactions in stocks and bonds within 45 days, there are few safeguards. up on private congressional dollars.

Pelosi adamantly refused to support a ban on market activity by lawmakers when asked about the matter at a press conference in mid-December.

“We are a free market economy,” the president told reporters on December 15. ” They [lawmakers] should be able to participate.

At the height of the coronavirus pandemic, several lawmakers have been accused of profiting from the stock market just before the economy collapsed and disrupted the lives of millions of Americans.

Pelosi spoke out against lawmakers' ban on the stock market before husband Paul Pelosi traded thousands of tech stocks

Pelosi spoke out against lawmakers’ ban on the stock market before husband Paul Pelosi traded thousands of tech stocks

The charges prompted the Justice Department to investigate the financial activity of Senators Dianne Feinstein, James Inhofe and Richard Burr, as well as former Senator Kelly Loeffler. All four probes have since been closed.

According to a Business Insider report, up to 49 lawmakers and 182 congressional staff broke the STOCK law by reporting their transactions at the end of January through September 2021.

The same survey found that more than 220 other representatives and senators, or about 40% of Congress, held a combined $ 225 million in stock in 2020.

A bill similar to Ossoff’s was introduced in the Senate in March, the Ban Conflicted Trading Act. However, its trade ban extends only to members of Congress and their staff, excluding Ossoff’s limits on spouses and other family members.

This means that if adopted, Pelosi’s husband Paul Pelosi could continue his prolific business activity.

Two days after Pelosi lifted a trading ban at her press conference last month, her husband bought Alphabet shares worth between $ 500,001 and $ 1 million. He also bought Disney stock valued between $ 100,000 and $ 250,000.

Three days later, on December 20, he made two separate purchases in Salesforce – one worth between $ 100,001 and $ 250,000 and another between $ 500,001 and $ 1 million, and a Roblox purchase of a value between $ 250,001 and $ 500,000.

Pelosi's periodic transaction report reveals her family is making millions of dollars while in Congress

Pelosi’s periodic transaction report reveals her family is making millions of dollars while in Congress

On December 21, he bought shares of Micron Technology valued between $ 250,001 and $ 500,000 and on December 22, there was a purchase of Reoff XX valued at $ 50,001 to $ 100,000.

Over the course of five days, Paul Pelosi purchased shares valued between $ 1,750,007 and $ 3,600,000.

Paul Pelosi has proven to be a prolific stock trader, so much so that the Iris social investment app allows users to track their trades and get notified every time he makes a purchase so they can do the same.

‘Every stock she [Pelosi, through her husband] bought over the past two years has grown significantly, ”Christopher Josephs, co-founder of Iris, told Yahoo.

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

Asked about recent transactions, Pelosi’s chief of staff and spokesperson Drew Hammill said they were all carried out by the speaker’s husband and that she did not own any shares herself. ‘

The president has no prior knowledge or subsequent involvement in any transaction, ”Hammill told DailyMail.com.

“The STOCK Act exists to shed light on the professions of members of Congress. Sunlight is the best disinfectant, ”said Hammill.

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