House Speaker Mike Johnson (R., La.) on Wednesday voiced his support for banning stock trading by members of Congress, weeks after President Donald Trump said he “watched Nancy Pelosi get rich through insider information” and “would be OK” with such a ban.
“I’m in favor of that, because I don’t think we should have any appearance of impropriety here,” Johnson said during a press conference when asked about a proposed ban on congressional stock trading. While acknowledging that some lawmakers may see the practice as a way to supplement their salaries, which have remained at $174,000 since 2009, Johnson said that some House members have “abused” their ability to trade stocks.
“Sadly, a few bad actors discolor it for everyone,” Johnson added. “And, look, we have no tolerance for anything even resembling insider trading or any of this kind of advantage that anybody could take. Zero tolerance for it—and we’ll stamp it out ourselves.”
Johnson’s endorsement comes as a bipartisan group of House lawmakers pushes to ban congressional stock trading amid growing controversy over well-timed trades by members of Congress, notably Rep. Nancy Pelosi (D., Calif.). While the former longtime House speaker does not personally trade or own stocks, her husband, Paul Pelosi, has long faced scrutiny over his active and often highly profitable trading activities.
“I watched Nancy Pelosi get rich through insider information, and I would be OK with [a ban],” Trump told Time magazine last month, adding that he will sign such a bill if it reaches his desk.
Shortly after Johnson’s remarks, Rep. Mark Alford (R., Mo.) introduced a House companion to the Senate’s “PELOSI Act,” which would prohibit lawmakers and their spouses from holding, purchasing, or selling individual stocks.
“As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption,” Alford said in a statement. “Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves.”
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