House Speaker Nancy Pelosi has revealed that she does not believe members of the Congress and their spouses should be prohibited from trading individual stocks during their tenure in Congress.
“We are a free market economy”, Pelosi Explain during a press briefing. “They should be able to participate.”
But, she said, lawmakers should disclose their transactions in accordance with the Congressional Knowledge Stop Trade Act of 2012, commonly known as the STOCK Act, and other ethics guidelines.
JPMORGAN TELLS UNVACCINATED WORKERS TO STAY AT HOME
The speaker’s comments come from a recent report by Initiated revealed that 49 members of Congress did not correctly report their financial transactions, as required by the STOCK Act.
Members of Congress have used excuses such as “ignorance of the law, clerical errors and accountant errors” to fail to comply properly, according to Insider. The list includes Democratic and Republican members.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
The penalty for non-compliance could be a standard fine of $ 200, which could be waived by ethics officials.
Members on the list include Sens. Dianne Feinstein, D-Calif., And Rand Paul, R-Ky., And Representatives Sean Patrick Maloney, DN.Y., and Dan Crenshaw, R-Texas.
In September, a government watch group asked the Congressional Ethics Office to investigate Deputy House Speaker Katherine Clark, D-Mass., After she allegedly failed to disclose “until $ 285,000 in “timely financial transactions.”
CLICK HERE TO GET FOX BUSINESS ON THE MOVE
The STOCK law attracted more attention amid the COVID-19 pandemic, as some government officials were suspected of using information they held from their government functions to gain profit.
Fred Lucas of FOX Business contributed to this report.