Sen. Jon Ossoff (D-GA) is set to introduce a bill that would ban active members of Congress from holding or trading individual stocks — an apparent rebuff of House Speaker Nancy Pelosi (D-CA), who recently defended the controversial practice that has earned her husband millions of dollars from trading tech stocks.
Ossoff’s ethics bill, which he plans to file as soon as he finds a Republican cosponsor, would also prohibit lawmakers’ spouses and family members from trading stocks while they’re in office.
The freshman senator may have trouble finding a cosponsor within the Senate GOP, as no Republicans have publicly denounced congressional stock trades. However, he may have better luck with House GOP members, as several have spoken out against the practice, including Texas Reps. Michael Cloud and Chip Roy.
“As Speaker Pelosi’s recent transactions make clear, decisions made for the people should be separate than decisions made for personal enrichment,” Roy told The Post.
In March, four Democratic Senators introduced the Ban Conflicted Trading Act, which garnered bipartisan support. But that measure only bans the practice among active lawmakers and senior staff members, meaning Paul Pelosi’s trading habits would be unaffected.
Ossoff’s bill is a bit stricter, putting it more closely in line with the bipartisan House proposal called the TRUST In Congress Act.
“We are a free market economy. They should be able to participate in that,” Pelosi told reporters last month. Pelosi’s husband holds millions of dollars worth of stocks and options in companies like Apple, Disney, Amazon, and Google.
“These lawmakers are just out of touch with how normal people view the situation,” said Arizona Republican Senate Primary candidate Blake Masters. “Members of Congress should not be buying call options on Big Tech companies they’re in charge of regulating, that is ludicrous.”