Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upcoming policies which can be used to strategically line their pockets. The STOCKS Act was supposed to put some accountability on lawmakers, but that has waned over the decade in the eyes of the public. Proposed by Committee on House Administration Zoe Lofgren, she stated:
“Congress can act to restore the public’s faith and trust in their public officials and ensure that these officials act in the public interest, not their private financial interest, by restricting senior government officials — including Members of Congress and the Supreme Court — and their spouses and dependent children from trading stock or holding investments in securities, commodities, futures, cryptocurrency, and other similar investments and from shorting stocks.”
Personally, I do experience "wtf" moments when I read the types of stock/asset purchases lawmakers have enjoyed in the last decade. It's clear that these purchases are based off internal knowledge and the STOCKS Act in its' current form isn't that effective. Blocking them from purchasing while holding office might seem extreme to some, but I believe it's necessary, given just how much information they have access to. However, I do expect push back from some lawmakers, and we'll see how far this proposal actually goes.