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Flashback: Pelosi defended the trades in early December, saying the U.S. was a "free market economy" and lawmakers "should be able to participate in that." Her position then softened in January, saying, "I'm okay with that," if lawmakers want to tighten restrictions on trading. Now, Pelosi is moving to limit stock trading on Capitol Hill, greenlighted a plan and a bill that could come "pretty soon."
Members of Congress have a lot of privileged and classified information that could move stock prices (think back to the beginning of the pandemic), as well as financial incentives from companies that routinely lobby Congress. Those decisions could also play a role in how much a given stock is worth, and Congress sought to counteract that in 2012 by passing a bill known as the STOCK Act. While the legislation requires lawmakers to disclose trades within 45 days, many say it doesn't do enough to prevent insider trading and conflicts of interest.
Current proposals: One idea would ban lawmakers and senior staff from buying and selling individual stocks, while another would institute an outright ban on trading. Meanwhile, a measure proposed by freshman Sens. Jon Ossoff (D-Ga) and Mark Kelly (D-Ariz) would require stocks to be put into a blind trust within 120 days of the bill being enacted. The legislation, dubbed the Ban Congressional Stock Trading Act, would apply to all sitting (and incoming) members of Congress, their spouses and their dependent children.
In Europe, at midday, London +0.3%. Paris -0.1%. Frankfurt +0.2%.
Futures at 6:20, Dow flat. S&P -0.2%. Nasdaq -0.3%. Crude +0.1% $89.73. Gold -0.2% to $1833.40. Bitcoin +2.6% to $44,738.
Ten-year Treasury Yield +1 bps to 1.94%
Lord of the Rings, Hobbit media rights going on block - Variety.
Peloton (NASDAQ:PTON) bulls hang tough after new look from company.
CVS (NYSE:CVS) posts weak forecast for COVID vaccine business in 2022.
Uber (NYSE:UBER) pops as core business rebounds following Omicron surge.
Tesla (NASDAQ:TSLA) accused of racial discrimination in California lawsuit.
GE (NYSE:GE) offloads Steam Power's nuclear power activities.
Twilio (NYSE:TWLO) rockets higher on strong revenues and guidance.
Restaurant stocks rally on sector earnings, rollback of pandemic rules.


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