Democrat Rep. Abigail Spanberger of Virginia excoriated her party leadership including House Speaker Nancy Pelosi and House Majority Leader Rep. Steny Hoyer for delaying a potential vote this week meant to ban lawmakers from holding and trading in stocks. Spanberger even called for new leadership in the Democrat party.
Spanberger had partnered with Rep. Chip Roy (R-Tex.) to introduce the Transparent Representation Upholding Service and Trust in Congress Act on Jan. 15, 2021. The legislation had 71 co-sponsors, ranging from Republican Rep. Matt Gaetz of Florida to squad member Rep. Ilhan Omar of Minnesota.
The legislation would have required lawmakers and immediate family members to place stocks in a blind trust.
Business Insider magazine’s Conflicted Congress investigation in December 2021 revealed dozens of STOCK Act violations, and numerous potential conflicts of interests driven by lawmakers’ stock holdings, as well as paltry enforcement of anti-insider trading rules. Forty-nine members of Congress and 182 senior congressional staffers violated laws aimed at preventing insider trading.
Hellbound and Down 