Following a February directive from House Speaker Nancy Pelosi, Democratic Rep. Zoe Lofgren proposed the Combating Financial Conflicts of Interest in Government Act on Tuesday.
This forbids high-ranking government officials and members of their families from buying and selling stocks. House Majority Leader Steny Hoyer (D-MD) said the measure wouldn’t be put to a vote before the fall elections.
Spanberger, who first proposed legislation along these lines in early 2021, slammed Democratic leadership figures for delaying the bill’s passage through the voting process.
The Virginia Democrat stated in a release issued on Friday that it is their duty as elected officials to serve the public and not advance their own interests.
The Virginia Democrat then demanded a transition in House leadership while accusing them of sabotaging the bill to prevent it from passing.
New Leaders Needed
This disclosed package was intended to fail, thus it is clear that House leadership has no passion for this endeavor.
It was meant to cast doubt on reform initiatives — prohibiting members of Congress from purchasing and selling stocks and shares — while giving the impression that House leadership intended to act.
Spanberger spent the last two years trying to persuade Americans that she is a pragmatic politician, which is why she leveled such harsh criticism at Pelosi and other House Democrat leaders.
She will nevertheless have a tough time winning reelection because recent polls indicate Democrats may lose the lower chamber to the GOP.
Spanberger suggested earlier that her Democratic colleagues should “seek another profession” if a restriction on trading stocks was a compromise for them. This is certainly not the first occasion on which she criticized members of her own party.
These people have no shame. Hoyer says he hasn't read it and they have to be sure they get it right, because it affects them. How about doing the same for us.
Democrat Lawmaker Calls for ‘New Leaders’ Within Own Party After Stock Trade Ban Vote Stalls https://t.co/ToU5giaeaG
— Bob Wire (@BobWire47428833) October 2, 2022
At a press conference on Friday, Pelosi dismissed Spanberger’s criticisms by asserting her proposals were already incorporated into the legislation, according to The Hill.
Pelosi and her husband, Paul, are two of the members of Congress that make the most money from stock trading.
After purchasing 20,000 shares of semiconductor stocks worth up to $5 million shortly before the Senate was scheduled to vote on a bill subsidizing computer chips, the couple suddenly came under fire.
After coming under increasing public fire, Paul Pelosi ultimately decided to sell his shares at a loss.
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 mandates that lawmakers file periodic transaction reports within 30 to 45 days of any stock transactions exceeding $1,000 that they or their spouses engage in.
NEW: It’s official — Congress won’t act on stock trade ban before midterms.
Leadership says members need more time to read bill that leadership chose to drop at the last min.
— bryan metzger (@metzgov) September 29, 2022
Government Accountability Institute (GAI) researcher Peter Schweizer stunned Washington in 2011 with his disclosures on insider trading by congressional members.
Throw Them All Out, Schweizer’s best-selling book on the subject, was lauded by the left-leaning Slate as “the book that sparked the STOCK Act rush.”
The investigative piece that CBS’ 60 Minutes did on Schweizer’s findings earned them the Joan Shorenstein Barone Award for outstanding Washington-based journalism.This article appeared in Powerhouse News and has been published here with permission.