Nancy Pelosi says bill addressing US politicians' stock holdings imminent

Legislation aims to make financial dealings more transparent and impose new limits to prevent conflicts of interest

US Speaker of the House Nancy Pelosi answers questions during her weekly news conference in Washington. Getty Images / AFP
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Proposed legislation to tighten rules on US politicians' stock holdings and trades should come together later this month, House of Representatives Speaker Nancy Pelosi told reporters at a news conference on Wednesday.

While Ms Pelosi characterised the unfinished legislation as “very strong”, she did not say during a weekly news conference whether congressional staff would be included under its provisions. She gave no details on what the bill will contain.

A House vote on the legislation would follow months of committees trying to put together a bill. Congress will go on a long break next month in the run-up to the November 8 midterm elections.

Nancy Pelosi had voiced some reluctance to go ahead with measures that could possibly ban members of Congress from buying and selling stocks and tighten controls on other financial transactions. Getty Images / AFP

The bill's goal is to make politicians' financial dealings more transparent and impose new limits to tamp down on possible conflicts of interest.

Early on, Ms Pelosi voiced some reluctance to go ahead with measures that could possibly ban members of Congress from buying and selling stocks and tighten controls on other financial transactions.

But later she said the House would at some point advance a bill.

In July, some stock trades executed by Ms Pelosi's husband, Paul Pelosi, drew attention when he sold his shares of chipmaker Nvidia Corp days before the House was expected to consider legislation providing subsidies and tax credits worth more than $70 billion to boost the US semiconductor industry.

Mr Pelosi sold 25,000 shares of Nvidia for about $4.1 million, suffering a loss of $341,365, financial reports show.

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Updated: September 15, 2022, 5:17 AM
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