PELOSI Act Advances as Senate Committee Approves

The act aims to improve ethical standards by prohibiting stock trading among congressional leaders. It has sparked discussions among high-profile lawmakers.

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The PELOSI Act seeks ethical improvements by banning Congress members and spouses from stock trading. It passed committee by an 8-7 vote, with only Hawley supporting from his party.

Senator Josh Hawley (R-Mo.) was the sole Republican who voted in favor of advancing the bill. The legislation was introduced amid concerns over potential misuse of privileged information, with Pelosi also expressing her support (Pelosi Statement).

“Americans have watched politicians earn a fortune using information not available to the general public while the average family struggles to get by. It’s just wrong. Members of Congress should be focused on delivering results for their constituents, not returns on investments. It’s time we restore trust in Congress and ban all members from trading and holding stocks.”

— Sen. Josh Hawley, U.S. Senator, Missouri

No direct impact on crypto markets is reported following the bill’s advancement. Congress members will still be allowed to invest in mutual funds and other collective instruments.

This legislation is seen as an effort to restore public trust in Congress’s ethical standards. Members are barred from holding individual equities while in office, reducing conflicts of interest.

Restrictions in the bill could set precedents for future financial legislation, encouraging transparency. It prevents insider trading, though its immediate crypto implications remain limited.

Future implications may include a broader evaluation of political transparency. Amendments could alter the legislation’s scope, potentially affecting related technologies. Continued monitoring is suggested for developments.