Democrat slams Nancy Pelosi’s ‘leadership failure’ over stock trading ban

Rep. Abigail Spanberger lashed out at House Speaker Nancy Pelosi, calling for a new party leadership on Capitol Hill Friday amid a Spanberger-sponsored bill that would ban lawmakers from trading stocks during their term in Congress.

Spanberger (D-Va.), who faces a close re-election campaign in the Nov. 8 midterm election, made the scathing statement when it became clear the TRUST in Congress Act would not come to a vote until after Election Day.

“This moment marks a failure in leadership of the House of Representatives — and it’s another example of why I believe the Democratic Party needs new leaders in the halls of Capitol Hill, as I’ve long proclaimed,” Spanberger said.

The two-year congresswoman went on to claim that support for her bill had grown in recent months – but the party leadership had used “repeated delaying tactics” to avoid a vote.

“For months, momentum was building in both the US House of Representatives and Senate to finally take a step to ban members of Congress from day trading while at work. We have seen remarkable progress in resolving glaring examples of conflicts of interest,” said Spanberger.

A picture of Rep. Abigail Spanberger.
Virginia Rep. Abigail Spanberger spoke at a news conference about the ban on members of Congress from trading in stocks.
Getty Images

“After initially signaling her opposition to these reforms, the spokeswoman reportedly changed her position. However, our bipartisan reform coalition was then subjected to repeated delaying tactics, hand gestures and flagrant instances of Lucy pulling the football.”

She added the “diversionary tactics” that consisted in allowing the House Executive Committee to draft a new law — the Government’s Financial Conflicts of Interest Act — that was introduced on Tuesday.

That bill — sponsored by a Pelosi (D-Calif.) ally, Rep. Zoe Lofgren (D-Calif) and aimed to ban lawmakers, their spouses and children from trading stocks — prompted an immediate split in the Democratic Party .

An image of traders working on the floor of the New York Stock Exchange.
A recent study found that nearly 20% of lawmakers have made stock trades related to industries they oversee on various committees.
REUTERS

“They eventually rolled out a kitchen sink pack that they knew would crash immediately upon arrival, with only a few days until the end of the legislature and no time to fix it,” Spanberger said.

“It is evident that the House leadership is not at heart in this effort because the package released earlier this week was doomed,” she continued.

“It was written to create confusion about reform efforts and to complicate a simple reform priority — banning members of Congress from buying and selling individual stocks — while making it appear that House leadership wanted to take action.”

After Friday, the house should not meet again until November 14th.

Speaking to reporters Friday, Pelosi argued that portions of Spanberger’s bill were included in the House Administration Committee’s bill.

US House Speaker Rep. Nancy Pelosi spoke during a recent news conference.
US House Speaker Nancy Pelosi spoke at a recent press conference.
Getty Images

“Your bill is in the bill, others also had ideas. And that’s what the committee brought up,” Pelosi said.

“We have to have the voices to bring it up,” she added.

Pelosi has faced increasing bipartisan pressure to push the legislation forward – with critics pointing to her husband Paul Pelosi’s stock dealings as a potential conflict of interest.

A recent analysis found that nearly 20% of lawmakers have made stock trades related to industries they oversee on various committees.

https://nypost.com/2022/09/30/democrat-slams-nancy-pelosis-failure-of-leadership-over-stock-trade-ban/ Democrat slams Nancy Pelosi’s ‘leadership failure’ over stock trading ban

JACLYN DIAZ

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