Editor’s Note: The headline in this story has been updated to fix a typographical error.
Sen. Elizabeth Warren (D-Mass.) is lauding a new bipartisan effort to ban members of Congress from trading individual stocks, calling the move long overdue.
‘It’s About Time,’ Says Elizabeth Warren
On Tuesday, in a post on X, Warren touted “Big News” before adding that a bipartisan bill that would ban members of Congress from trading individual stocks had just dropped.
“It’s about time,” she said, adding that “voters shouldn't have to wonder if their leaders are profiting off the decisions they make.”
See Also: This House of Representative Just Sold Up To $60K In IBM Stock
In a video accompanying her post, Warren emphasized her efforts to push forward such legislation over the past several years. “I’ve had a bill like this for years,” she said.
The Senator from Massachusetts highlights the fact that she doesn’t own individual stocks, while saying, “Representatives in Congress shouldn’t own stock and then be able to turn around and vote on something that could potentially increase the value of that stock.”
She says such conflicts of interest undermine trust in government. “Not to mention that they could be getting rich off information the rest of the public doesn’t even have,” she says, highlighting the lack of a level playing field in public equity markets.
She concludes by saying that voters shouldn’t have to wonder if their representatives are making decisions for the good of the country or the good of their own bank account. “So I’m pushing to get this done.”
Ron DeSantis On ‘Suspiciously-Timed Stock Trades’
A month ago, Florida Gov. Ron DeSantis (R) slammed the “suspiciously-timed” stock trades by members of Congress that generate “windfall profits.”
Aiming at former House Speaker Nancy Pelosi (D-Calif.), DeSantis said, “Pelosi and company do better than the best investment funds in the world.”
Pelosi and her husband, venture capitalist Paul Pelosi, saw a meteoric rise in their combined net worth in 2024, at $413 million, up from $370 million the prior year. A significant portion of this comes from their investment portfolios, which have reported returns of 54% in 2024 and 65% in 2023.
This, however, pales in comparison to other active traders in Congress, who’ve managed to outperform Pelosi by wide margins, with returns ranging from 70% to 149%.
Pelosi herself has come out in support of the bill, which was, until recently, named the PELOSI Act, after her. “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,” she said, adding that she will back the proposal, “no matter what they decide to name.”
Photo courtesy: Sheila Fitzgerald / Shutterstock.com
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