Central Missouri News

Congressman Mark Alford has introduced a new piece of legislation aimed at preventing members of Congress and their spouses from engaging in stock trading activities. Named the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, this bill seeks to address concerns about potential conflicts of interest among public officials.

Reports have surfaced regarding questionable transactions by public officials, raising suspicions that some may be using non-public information for personal financial gain. In response, former President Trump has expressed his willingness to sign such a measure into law if it passes through Congress. Senator Josh Hawley is leading the Senate's version of this initiative.

"As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption," Congressman Alford stated. He further noted that "too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves."

Senator Hawley echoed these sentiments, emphasizing that "members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents." He added that it's time to restore trust in the legislative body by banning stock trading activities among its members.

The PELOSI Act proposes restrictions on holding or trading individual stocks while allowing investments in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds. Current lawmakers would have 180 days to comply with these new rules, with newly elected members granted the same timeline upon taking office.

Violations under this act would result in forfeiting any profits from stock trades to the U.S. Department of the Treasury and facing penalties from ethics committees within both houses.

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