House Speaker Nancy Pelosi said Wednesday that a congressional panel will “review the options” for a ban on stock trading on Capitol Hill, following a report that she and House Democratic leaders were working on a ban on members of Congress and senior staff trading stocks.
“I’m a big believer in our committees, and we’ve tasked the House Administration Committee to review the options that members are putting forth,” the California Democrat told reporters at a briefing.
Read:U.S. lawmakers traded an estimated $355 million of stock last year. These were the biggest buyers and sellers.
The House speaker also told reporters that any rules forthcoming would have to be “government-wide,” noting: “The judiciary has no reporting. The Supreme Court has no disclosure. It has no reporting of stock transactions, and it makes important decisions every day.”
Pelosi’s announcement came after a Punchbowl News report that Rep. Zoe Lofgren, also a California Democrat and chairwoman of the administration panel, is taking the lead on compiling recommendations for leadership on how to enact such a ban. Leadership will have the final decision on how to proceed, the report noted.
On Tuesday, Senate Majority Leader Chuck Schumer said he supported efforts to ban members of Congress from trading individual stocks SPX, +1.23%.
When specifically asked about his position on the matter, Schumer said: “I believe in it. I have asked our members to get together to try to come up with one bill,” according to Business Insider.
Now read: Schumer says he backs effort to ban stock trades by members of Congress: report
Pelosi in January said she was open to banning stock trades by members of Congress while they’re in office, after previously arguing, “We are a free-market economy. They should be able to participate in that.”