Lawmakers press McCarthy again on stock trading ban ‘You haven’t kept your promise

Lawmakers press McCarthy again on stock trading ban 'You haven't kept your promise

The Broken Promise: House Speaker McCarthy’s Inaction on Stock Trading in Congress

House Speaker Kevin McCarthy once vowed to tackle the issue of stock trading in Congress, but a year later, it appears that he has no intention of acting on his promise anytime soon. This lack of action has prompted several lawmakers to press McCarthy for answers and hold him accountable for his words.

McCarthy’s initial commitment to addressing this issue came in response to the public’s increasing concern and desire for a ban on members of Congress trading stocks. According to the most recent survey, an astounding 86% of the American public supports such a ban. Sensing the resonance of the issue and wanting to shed light on the prolific stock trading habits of then-Speaker Nancy Pelosi’s husband, McCarthy expressed his intention to take action if Republicans gained the majority, aiming to “bring trust back to this institution.”

However, since assuming the role of House Speaker, McCarthy has shown no initiative to raise the issue, except for a brief mention during an interview on Donald Trump Jr.’s podcast in January. He acknowledged the existence of a problem and expressed his desire to address it on a bipartisan basis, stating, “I think there is a problem, you got to build trust in this institution.” Yet, these words have remained empty without concrete action.

House Democrats, still harboring distrust due to their past experiences with Speaker Pelosi, are now holding McCarthy accountable. Led by Representative Angie Craig of Minnesota, they have written a letter to McCarthy demanding a floor vote on legislation that would prohibit lawmakers and their immediate family members from owning or trading individual stocks. The letter highlights McCarthy’s failure to act on his promise and requests a response by September 11.

The letter was also signed by Democratic representatives Andy Kim of New Jersey, Joe Neguse of Colorado, Katie Porter of California, Raja Krishnamoorthi of Illinois, and Abigail Spanberger of Virginia. Representative Craig emphasizes the need for McCarthy to deliver on the promise he made, putting an end to the partisan distractions and prioritizing common-sense, bipartisan reforms that a majority of Americans support.

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Despite Democrats’ efforts in pushing for hearings and sending letters urging McCarthy to take action, there is little indication that the Republican House Speaker will listen, at least for now. Unlike Pelosi, McCarthy does not enjoy consolidated control over House proceedings, as members of the hard-right House Freedom Caucus often derail leadership’s plans. While some Freedom Caucus members support banning stock trading in Congress, they are likely to object to a hastily-scheduled vote on the matter.

Representative Ken Buck of Colorado, a member of the hard-right caucus, expressed his preference for a more structured approach during a press conference in May. He indicated the need for a bill to first pass through the House Administration Committee and gain the support of a majority of Republicans before it can be brought to the floor. Buck stated that once a piece of legislation meets these criteria, it would be appropriate to approach Speaker McCarthy and demonstrate that both tests have been passed.

The lack of action by Speaker McCarthy on banning stock trading in Congress raises questions about his commitment to bringing trust back to the institution. While Democrats continue to push for change, McCarthy’s inaction suggests that progress on this issue will be slow and difficult. Only time will tell if McCarthy will fulfill his promise and take meaningful steps to address the public’s concerns about stock trading by members of Congress.

• Congress
• House Speaker Kevin McCarthy
• Kevin McCarthy