Democrat Wants New Leaders After Stock Ban Stalls

Pelosi brings the issue up just before recess
By Bob Cronin,  Newser Staff
Posted Sep 30, 2022 4:42 PM CDT
Democrat Wants New Leaders After Stock Ban Stalls
House Speaker Nancy Pelos speaks at her weekly press conference Friday on Capitol Hill.   (AP Photo/Mariam Zuhaib)

House Democratic leaders are taking heat for their handling of legislation to bar lawmakers from trading stocks. Rep. Abigail Spanberger, the Democrat who introduced the bill two years ago with support from both parties, issued a statement Friday saying House leaders had set the legislation up to fail, bringing the matter up days before a long recess, allowing little time for debate and changes and ensuring there'll be no vote. "This moment marks a failure of House leadership—and it's yet another example of why I believe that the Democratic Party needs new leaders in the halls of Capitol Hill, as I have long made known," Spanberger said. House Speaker Nancy Pelosi said the bill just doesn't have enough support to pass.

The issue drew more attention early in the pandemic, after four senators sold stock after being briefed privately on COVID-19. Pelosi first said she opposed the bill, then changed course, per the Hill. She put Rep. Zoe Lofgren in charge of legislation to head off insider trading by members of Congress, federal government officials, and Supreme Court justices. But Democratic and Republican members complain they had no input, and watchdogs say the bill has a major loophole. Supporters plan to bring the issue up in the lame duck session after the midterms, but they point out there will be less pressure to appeal to voters then. (More House Democrats stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.