A new act was introduced by Sen. Josh Hawley in Congress called the Pelosi Act to stop insider trading, under which members who refuse to do so would be liable to surrender their stock to the US Treasury.
Sen. Josh Hawley (R-MO) presented legislation on Tuesday that would prohibit members of Congress from trading individual stocks in order to stop insider trading.
The Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act would compel legislators and members of their immediate families to invest through qualified blind trusts, a technique for avoiding real or perceived conflicts of interest in which an independent manager purchases and sells assets without the owner's knowledge or consent.
Members who refuse to do so would be liable to surrender their stock to the US Treasury under Hawley's act.
"For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the...