House Speaker Nancy Pelosi and Democrat leaders approve a plan to create a new law that would ban members of Congress from trading stocks.
- The House Administration Committee is drafting the rules, and the legislation is projected to be put up for a vote in 2022, potentially before the November midterm elections.
- In the Senate, a number of versions of a stock trading ban are also under consideration, including a bill co-authored by progressive Democratic Senator Warren and Republican Senator Daines.
- Daines stated on CNBC that when a person is elected, they are expected to serve the people and not the elite, and the ban is a step forward to restoring the faith and trust of the American people in the Senate.
Many issues are outstanding on Wednesday on the nature of investments that would be banned, what incoming members would be required to do to comply with the new legislation, and whether family members of lawmakers would also be banned.
DXY down -0.15%, S&P 500 up +1.02%
Source: CNBC
