Steny Hoyer tells lawmakers ‘probably no vote this week’ on bill to limit stock trading



CNN

House Majority Leader Steny Hoyer told CNN the House “probably” won’t vote in the coming days on legislation to ban stock trading by senior government officials and their family members, meaning the House may not take up the bill before the midterms.

“There probably won’t be a vote this week,” the Maryland Democrat told CNN.

It comes after lawmakers, including Hoyer, came out against the legislation last week when they introduced the framework, sources told CNN at the time. The bill’s text came out Tuesday night and won’t get a vote before lawmakers go on recess in October to campaign ahead of the 2022 legislative session.

“I haven’t read it, it’s a complicated issue, as you can imagine, as I understand it as a new rule for members and their families who have to follow it, so I think it deserves careful study to make sure we do something. , we do it right,” Hoyer said.

The framework, written by Zoe Lofgren, chairwoman of the California House Administration Committee, at the behest of House Speaker Nancy Pelosi, would limit senior government officials, including lawmakers and Supreme Court justices, as well as their spouses and dependent children. stock trading

The legislation also proposes strengthening disclosure requirements for senior government officials. The proposal would also increase fines to a fee of $1,000 for each 30-day period that a person violates the rules, as well as require the ethics office to disclose information about government officials who comply with the rules.

The legislative development was notable because Pelosi has long championed the ability of lawmakers to trade stocks, but last month pledged to introduce legislation that would ban stock trading.

Legislators’ ability to trade stocks has come under increasing scrutiny over the years. Several lawmakers came under scrutiny for their financial dealings in the early days of the coronavirus pandemic, when members of Congress held closed-door meetings warning of an impending financial crash.