Show-Me State Times

The American Spectator has reported on bipartisan legislation introduced by Senators Josh Hawley and Gary Peters aimed at prohibiting stock trading by members of Congress, the president, and the vice president. This move comes amid scrutiny over Representative Nancy Pelosi's family investments.

According to The American Spectator, the legislation co-sponsored by Senators Hawley and Peters seeks to prevent elected officials and senior executive leaders from engaging in stock trading while holding office. Initially named the PELOSI Act due to Nancy Pelosi’s controversial trading history, the bill was later renamed the HONEST Act after clearing committee review. The publication noted that former President Donald Trump initially questioned the bill but later endorsed it following clarifications that ensured its applicability to future administrations.

A New York Times investigation published in September 2022 revealed that nearly one in five members of Congress engaged in financial transactions involving assets related to issues under their legislative purview. The report highlighted trades made by lawmakers from both parties in sectors overseen by their committees, raising concerns about potential conflicts of interest. Despite the STOCK Act of 2012 mandating public disclosures of such trades, enforcement has been described as lax, with no member prosecuted for insider trading under this law.

Fox Business reported in July 2024 that Paul Pelosi's stock trades generated between $7.8 million and $42.5 million for him and former Speaker Nancy Pelosi within a single year. The article highlighted trades involving companies like Visa, Microsoft, and Nvidia during periods coinciding with antitrust investigations or market downturns, prompting questions about whether these investments were informed by insider knowledge. According to Fox Business, Paul Pelosi’s portfolio outperformed hedge funds nationwide, intensifying public calls for stricter regulations on lawmakers’ financial activities.

The American Spectator is a conservative magazine founded in 1924 known for its investigative journalism, commentary, and cultural criticism. As said on its official website, it has long been a voice within conservative media advocating for free markets, limited government, and accountability in Washington. Now based in Arlington, Virginia, the magazine continues its focus on exposing perceived corruption while promoting conservative principles.