House Republicans Take Step Closer To Banning Congressional Stock Trading

FIRST ON FOX: Rep. Mark Alford, R-Mo., will present authorities that would prohibition legislature banal trading connected Wednesday, serving arsenic nan House companion measure to Sen. Josh Hawley's, R-Mo., "PELOSI Act" successful nan Senate.

Alford's projected measure would prohibition lawmakers and their spouses from holding, purchasing, aliases trading individual stocks while successful office, but it allows investments successful diversified communal funds, exchange-traded funds, aliases U.S. Treasury bonds. If passed, existent lawmakers would person 180 days to comply pinch nan legislation. Likewise, recently elected lawmakers must execute compliance wrong 180 days of entering office.

"As nationalist servants, we should clasp ourselves to a higher modular and debar nan specified quality of corruption," Alford said successful a statement. "Unfortunately, excessively galore members of Congress are engaging successful suspicious banal trades based connected non-public accusation to enrich themselves."

"These gross violations of nan nationalist spot make clear: we must yet return action to prohibition members and their spouses from owning aliases trading individual stocks," he added.

CBS ANCHORS SALUTE OUTGOING '60 MINUTES' PRODUCER, SAY EFFORT TO SETTLE TRUMP LAWSUIT TIED TO CORPORATE MERGER

Rep. Mark Alford, R-Mo., is joining nan push to prohibition banal trading successful Congress. (Getty Images)

Under nan projected legislation, lawmakers who proceed to make wrongful transactions would beryllium required to manus complete immoderate profits they made to nan U.S. Treasury Department. The House aliases Senate morals committees could besides enforce a good connected specified lawmakers amounting to 10% of each wrongful transaction.

CBS ANCHORS SALUTE OUTGOING '60 MINUTES' PRODUCER, SAY EFFORT TO SETTLE TRUMP LAWSUIT TIED TO CORPORATE MERGER

President Donald Trump himself endorsed banning trading for members of Congress successful an question and reply pinch Time Magazine past month.

President Donald Trump has said he would motion a legislature prohibition connected banal trading if it reaches his desk. (AP Photo/Alex Brandon)

"I watched Nancy Pelosi get rich | done insider information, and I would beryllium okay pinch it. If they nonstop that to me, I would do it," he said of a trading ban.

"You'll motion it?" the newsman pressed.

"Absolutely," Trump responded.

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Democrats successful nan House of Representatives person besides expressed support for a ban, pinch House Minority Leader Hakeem Jeffries throwing his weight down nan connection past week.

Read nan afloat matter of Alford's authorities beneath (App users click here)