While ABC’s World News Tonight and CBS Evening News were gushing about the House January 6 committee asking House Minority Leader Kevin McCarthy (R-CA) to voluntarily come before them Wednesday, they ignored his vow and the bipartisan push to limit or ban stock trading for members of Congress 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.”
As stated above, ABC and CBS focused on a McCarthy controversy; meanwhile, NBC Nightly News ignored him altogether. 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 win the majority in the house in November, GOP Leader Kevin McCarthy is considering new limits or an outright ban on lawmakers holding and trading stocks and equities.
MCCARTHY: Bring back faith in Congress. The Speaker of the House has all the power. She can determine what bill comes to the floor, whether it gets marketed up or not. And what does her husband do? He invests not just buying a stock. He buys 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'm an advocate for banning stock trading by members of Congress who make policy, who have access to information and economic forecasting, and banning stock trading by their 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 drew criticism 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.”
And as he was wrapping up the segment, Emanuel had breaking news of yet another Republican pushing for 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. Their contact information is linked.
The transcript is below, click "expand" to read:
Fox News Channel’s Special Report
January 12, 2022
6:31:23 p.m. EasternBRET BAIER: 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. Some progressive Democrats are also now on board. Here’s chief Washington correspondent Mike Emanuel.
[Cuts to video]
MIKE EMANUEL: If Republicans win the majority in the house in November, GOP Leader Kevin McCarthy is considering new limits or an outright ban on lawmakers holding and trading stocks and equities.
REP. KEVIN MCCARTHY (R-CA): Bring back faith in Congress. The Speaker of the House has all the power. She can determine what bill comes to the floor, whether it gets marketed up or not. And what does her husband do? He invests not just buying a stock. He buys options.
EMANUEL: A rising star on the Democratic side fired back at the House GOP leader.
REP. HAKEEM JEFFRIES (D-NY): We certainly aren't going to be lectured on ethics by Kevin McCarthy, of all people.
EMANUEL: 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.
SEN. CHUCK SCHUMER (D-NY): I haven't seen what McCarthy said. But I don't own any stocks. And I think that's the right thing to do.
EMANUEL: Late today, Democratic Senators Jon Ossoff and Mark Kelly introduced legislation banning stock trading by members of Congress. It would require lawmakers, their spouses, and their children to put stocks into a blind trust while the member is in office.
SEN. JON OSSOFF (D-GA): I'm an advocate for banning stock trading by members of Congress who make policy, who have access to information and economic forecasting and banning stock trading by their 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.”
House Speaker Nancy Pelosi who has come under scrutiny defended the freedom to trade.
SPEAKER NANCY PELOSI (D-CA): This is a free market and people -- we are a free market economy. They should be able to participate in that.
[Cuts back to live]
EMANUEL: Moments ago, we learned Missouri Republican Senator Josh Hawley is planning to offer his own bill. 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. Bret.
BAIER: It’s one to follow.
