The PELOSI Act
This week, Republican Senator Josh Hawley has proposed a new bill: The PELOSI Act. PELOSI, the last name of infamous former House Speaker Nancy Pelosi, is an acronym for Preventing Elected Leaders from Owning Securities and Investments. This bill is aimed at congress members that actively trade individual stocks. Bills that limit or ban insider trading from members of Congress and their spouses have been introduced in the past, by both Democrats and Republicans. Hawley
Nancy Pelosi has been a target of Republicans for years, and Hawley has latched onto her record to push this bill. Pelosi has been one of the most influential women in American politics for decades, and her service as the Democratic Speaker of the House has only ended in more calls for her to resign from national politics. She has been memed and ridiculed for voting against these bills while her and her husband Paul Pelosi have come under scrutiny for his "convenient" interactions on the stock market. Recently, after her announcement that she would not seek reelection, she finally approved the democratic attempts to limit insider trading, "knowing that it would not pass" (Kerr 2022). 
Her stock record has become so coincidentally successful that parody Twitter accounts have gained hundreds of thousands of followers by tracking her stock market interactions. They troll and mock her, but they also serve a good purpose. Accounts like these give insight into the harm that insider trading has on the ability of Americans to compete in the "free" market. They make comparisons of new bills, laws, or investigations that affect companies and the market behavior of representatives right before the changes occur. Congresspeople have access to information and impending laws that the average American does not have, which makes them more likely to buy and sell stocks at the right time in the market. It is unfair.
While Senator Hawley's act may actually be beneficial for the average American, his pettiness will not get him very far. Powerful congress members, regardless of party, see insider trading as an advantage. They will never willingly vote to limit their own power, which will always negatively impact a regular citizen.
I think the PELOSI Act or something like it is desperately needed! A while ago, I found a TikTok account that mimicked Congresswoman Pelosis's stock activity. The creator made more money using the 'Pelosi Method' instead of his own methods. No elected official should be allowed to trade stock while in office. It's also important that spouses and children be barred as well. Elected officials have access to information other stock traders don't have the privilege of accessing. Spouses and children should also be barred because, if passed, elected officials could still influence the stock market through their family members. I agree that the name of Senator Hawley's legislation is incredibly petty and won't win him any favors from the Democrats.
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