US House approves ‘Stop Insider Trading Act’ — From Ro Khanna to Nancy Pelosi, here’s who could be impacted the most
The House approved legislation Wednesday that would bar members of Congress from purchasing individual stocks. The “Stop Insider Trading Act” cleared the House 232 to
The House approved legislation Wednesday that would bar members of Congress from purchasing individual stocks. The “Stop Insider Trading Act” cleared the House 232 to 198, with the full support of Republicans and 13 Democrats on board. Under the bill, lawmakers, their spouses, and dependent children are restricted from purchasing individual stocks of publicly traded companies, with few exceptions, such as certain investment funds, while in office, New York Post reported. Also Read | US lawmaker Ro Khanna detained by Israeli settlers in West Bank? What he said The bill also proposed that lawmakers, their spouses, and dependent children can’t sell stock without filing notice between 7–14 days in advance. Violators will get hit with a fee and be subject to ethics scrutiny. Here’s who could be impacted the most if the bill were to ever become law, based on data from Quiver Quantitative 1. Ro Khanna Rep. Ro Khanna’s (D-Calif.) household traded the most frequently — 4,772 times — and the most expensive assets last year, totaling $65.9 million, The New York Post reported, citing Quiver Quantitative. Khanna’s portfolio of trades appears to be heavily diversified across industrial, tech, financial, health care, and other sectors.
“I do not own or trade stocks and have led the fight to ban stock trading,” Khanna claimed on social media last month. Also Read | Elon Musk threatens to ‘sue’ Indian origin Ro Khanna “My household’s only investments are in a trust that my in-laws set up before marriage, managed independently by a third party trustee in full compliance with the Office of Government Ethics (OGE) and House Rules,” he had reportedly said. Khanna also penned a detailed Substack explaining his family’s finances and underscoring that his “household’s compliance has been independently verified by the watchdogs who track congressional trading.” 2. Nancy Pelosi US House Speaker Pelosi’s household is listed as having made $52,525,000 worth of trades over the past year, spanning 21 occasions, the report claimed. “Speaker Pelosi does not own any stocks and has no knowledge or subsequent involvement in any transactions,” her spokesperson, Ian Krager, told The Post. 3. Michael McCaul The retiring former Chairman of the House Foreign Affairs Committee, Rep. Michael McCaul’s (R-Texas) family, reportedly moved some $48 million worth of assets across 980 different trades. McCaul’s team has previously addressed controversy over his family’s stock trading, noting that his “wife has assets she solely owns, and a third-party manager” makes purchases “without her direction.” 4.
The BriefWire