While ABC’s World News TonightAnd CBS Evening NewsThey were talking about House Minority Leader Kevin McCarthy’s (R-CA), January 6 House committee request to him to come before them Wednesday. But they didn’t listen to his promise and ignored the bipartisan push for stock trading to be banned or limited for Congress members and their spouses. And in doing so, they ignored Speaker Nancy Pelosi’s (D-CA) vocal opposition to the idea and personal benefit.
“There’s increasing momentum tonight on Capitol Hill to put a limit or possibly prohibit stock ownership or trading by congressional lawmakers. Republicans are signaling action should they win back the majority,” announced Bret Baier, anchor of Fox News Channel’s Special Report. “Some progressive Democrats are also now on board.”
Like we said, ABC and CBS centered on the McCarthy scandal; CBS, however, was not. NBC Nightly NewsHis entire attention was lost on him. But over on Fox, chief Washington correspondent Mike Emanuel highlighted McCarthy’s plan for legislation and his calling out of Pelosi for personally benefiting from stock trading while in office:
EMANUEL – If Republicans are elected to the majority of the House in November, Kevin McCarthy, the GOP leader is looking at new restrictions or a ban for lawmakers trading stock and equities.
MCCARTHY – Restore faith and confidence in Congress All the power rests with the Speaker. It is up to her to decide which bill gets brought before the house, and whether or not it is marketed. What does her husband do? He does not invest in stocks. He invests in options.
“The issue has heated up on Capitol Hill after a published report revealed at least 54 members of Congress, from both parties, in 2021, violated that law designed to stop insider trading and prevent conflicts of interest,” Emanuel added.
And it wasn’t just a priority for Republicans, there were Democrats on board with keeping their colleagues from enriching themselves:
OSSOFF: I support banning stock trades by Congress members who are responsible for making policy and have access to economic forecasting information. This also applies to spouses.
EMANUEL: New York progressive Congresswoman Alexandria Ocasio-Cortez tweeted last month: “There is no reason members of Congress should hold and trade individual stock when we write major policy and have access to sensitive information.”
This issue has been blowing around DC for a few weeks now and Pelosi’s opposition to the common-sense proposal actually It was criticised from CNN’s Jake Tapper back in mid-December.
“We’re back with a conflict of interest watch,” he proclaimed after coming back from a commercial. “Ethics experts sounding the alarm today after House Speaker Nancy Pelosi said she would not support a ban on members of Congress and their spouses from trading stocks while in office.”
Emanuel was finishing up the segment when he received breaking news from another Republican who had proposed such legislation. “Moments ago, we learned Missouri Republican Senator Josh Hawley is planning to offer his own bill.”
Adding: “It would prohibit members of Congress and their spouses from holding, acquiring or selling stocks during their time in elected office it would not apply to dependent children but, perhaps a couple of legislative options.”
This omission of Speaker Pelosi’s opposition to an insider trading ban for Congress was made possible because of lucrative sponsorships from Prevagen on ABC, Allstate on CBS, and Consumer Cellular on NBC. The links below provide their contact information.
You can find the transcript below. To read it, please click on “expand”.
Fox News Channel’s Report Special
December 12, 2022
Eastern, 6:31:23BRET BAIER: There’s increasing momentum tonight on Capitol Hill to put a limit or possibly prohibit stock ownership or trading by congressional lawmakers. If they are reelected, Republicans will signal their willingness to take action. Some progressive Democrats also are now aboard. Here’s chief Washington correspondent Mike Emanuel.
[Cuts to video]
MIKE EMANUEL : GOP Leader Kevin McCarthy will consider new limitations or a complete ban on the holding of stocks and equities by lawmakers if Republicans take control of the house majority in November.
REP. KEVIN McCATHY (R–CA): Restore faith in Congress The House Speaker has the full power. The Speaker of the House has all power. She decides what bills are brought to the floor. What does her husband do? He does not invest in stocks. He invests in options.
EMANUEL: Rising star on the Democratic side reacted to the House GOP leader.
REP. HAKEEM (D-NY),: Of all the people, Kevin McCarthy is not going to lecture us on ethics.
EMANUEL. The controversy has heated up in Capitol Hill following a report that revealed 54 Congressmen, representing both the Democratic and Republican parties, had violated the law to prevent insider trading, as well as conflicts of interests, published in 2021.
SEN. CHUCK SCUMER (D-NY),: I don’t know what McCarthy meant. However, I do not own stocks. It’s the right thing.
EMANUEL: Today, Democratic Senators Jon Ossoff (D-NY) and Mark Kelly (D-CT) introduced legislation that would prohibit members of Congress from stock trading. This legislation would prohibit members of Congress, their spouses and children from trading stocks while in office.
SEN. Jon OSSOFF (D–GA),: I am a proponent of banning stock-trading by Congressmen who make policies, have access information and forecasting, and banning stock-trading by spouses.
EMANUEL: New York progressive Congresswoman Alexandria Ocasio-Cortez tweeted last month: “There is no reason members of Congress should hold and trade individual stock when we write major policy and have access to sensitive information.”
Nancy Pelosi, House Speaker, has been under investigation for her defense of the freedom to trade.
NANCY PELOSI (D-CA), SPEAKER: It is a free economy. We have a free-market economy. That should allow them to take part.
[Cuts back to live]
EMANUEL – We just learned that Missouri Republican Senator Josh Hawley plans to introduce his bill. This would prevent members of Congress, their spouses, from buying, holding or selling stocks while they are in office. It wouldn’t affect dependent children, but there might be a few other legislative options. Bret.
BAIER: It’s one to follow.
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