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FIRST ON FOX: A House committee will be holding a formal hearing next Wednesday that will include discussion about whether members of Congress should be allowed to trade individual stocks.
House Administration Committee Chairman Bryan Steil, R-Wisc., will lead the hearing, titled “Taking Stock of the STOCK Act,” which will include two witnesses from the Taxpayers Protection Alliance and the Manhattan Institute. The hearing’s purpose is to determine policy angles that may be effective in reining in some of the controversial profits that members of Congress have earned through alleged insider information.
“Members of Congress should never profit off insider information,” Steil told Fox News Digital. “A number of proposals have been put forward to strengthen the STOCK Act. Our hearing will review the current law and evaluate the reforms needed to fix the system.”
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The hotly debated topic of whether members should be allowed to trade individual stocks will be at the forefront of next Wednesday’s hearing, as some members have been outspoken against trading and have introduced legislation to adjust the current laws as recently as this Congress.
Rep. Chip Roy, R-Texas, has already introduced legislation to ban stock trading in his bill, the Restore Trust in Congress Act, which would bar active trading for members and those in their immediate families. While Roy does not serve on the House Administration Committee, he has not been shy about the issue.
“I’m glad to see the House taking another step towards banning Members of Congress from day trading stocks as it is far past time we act,” Roy told Fox News Digital. “The American people should have faith that Congress is at work for the good of the country, not for their own bank accounts. I am proud to have led this charge for years and to be working with my colleagues on both sides of the aisle to address this issue.”
“I thank Chairman Steil for taking this issue seriously and holding a hearing. I look forward to working with leadership and my colleagues to put this conflict of interest to bed once and for all,” Roy added.
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Recent reporting from the New York Post showed that former House Speaker Nancy Pelosi, D-Calif., and her husband, Paul Pelosi, profited roughly $130 million over the course of her nearly four decades in Congress.
While Pelosi has announced her plans to retire from her seat, there are a number of members who actively trade stocks and currencies.
Some argue that banning stock trading for members of Congress might disincentivize individuals in the banking industry who might otherwise be fit for the job from running for office due to the restrictions.
Determining the best way to regulate trading, if at all, will be a highlight of the discussion that will take place at next week’s congressional hearing.
Fox News Digital reached out to Pelosi’s office for comment but did not receive a response.
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