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Josh Hawley introduces PELOSI Act to bar lawmakers from trading stocks and profiting while in office

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A Republican in the U.S. Senate is looking to prevent lawmakers and their spouses from trading stocks on which the officials would have privileged information and used the bill’s title to make a not-so-subtle dig at former House Speaker Nancy Pelosi.

On Tuesday, Sen. Josh Hawley, R-Mo., introduced the PELOSI Act, officially the Preventing Elected Leaders from Owning Securities and Investments Act, requiring members and their spouses to divest any holdings or put them in a blind trust within six months of entering office.

“Members of Congress and their spouses shouldn’t be using their position to get rich on the stock market – today l’m introducing legislation to BAN stock trading & ownership by members of Congress. I call it the PELOSI Act,” he wrote on Twitter Tuesday.

The bill comes after revelations last year that Nancy’s husband, Paul Pelosi, traded between $1 million and $5 million of stocks for semiconductors just days before Congress allocated $52 million to the industry. The stocks were later sold at a loss to remove the appearance of impropriety.

NANCY PELOSI CALLED OUT OVER HUSBAND PAUL’S STOCK TRADES: SHE’S THE ‘ULTIMATE INSIDER’

US House Speaker Nancy Pelosi, a Democrat from California, speaks during a news conference at the US Capitol in Washington, DC, US, on Thursday, Dec. 22, 2022.

US House Speaker Nancy Pelosi, a Democrat from California, speaks during a news conference at the US Capitol in Washington, DC, US, on Thursday, Dec. 22, 2022.
(Ting Shen/Bloomberg via Getty Images)

Other lawmakers and their spouses have made similarly advantageous trades, including Sen. Richard Burr, R-N.C., who sold investments after receiving classified briefings on the coronavirus pandemic.

Hawley’s bill excludes mutual funds, exchange-traded funds and Treasury bonds purchases.

Hawley’s bill would require any profits made by a lawmaker to be returned to American taxpayers.

It also specifically amends the Ethics in Government Act of 1978, which prohibits using nonpublic information for private profit, commonly known as insider trading — which is already illegal for business leaders and everyday Americans.

CNN, MSNBC, ABC, CBS, NBC IGNORE PELOSI’S HUSBAND BUYING OVER $1 MILLION OF COMPUTER CHIP STOCK AHEAD OF VOTE

The bill currently requires the President of the United States, the vice president, specific executive branch employees, the Postmaster General, some civilian employees, certain members of Congress, and judicial officers to file a report that includes the source, type, and value of income gained from any source other than their current employment.

U.S. Sen. Josh Hawley, R-Mo., on Capitol Hill, September 13, 2022, in Washington, DC. 

U.S. Sen. Josh Hawley, R-Mo., on Capitol Hill, September 13, 2022, in Washington, DC. 
(Kevin Dietsch/Getty Images)

This bill was previously amended in 2012, when Rep. Louise McIntosh Slaughter, D-N.Y., and Sen. Joe Lieberman, ID-CT, introduced the “Stop Trading on Congressional Knowledge Act” or the “STOCK Act” to help eliminate congressional insider trading.

The legislation, which was signed into law, prohibits lawmakers and employees from utilizing information gained through legislative meetings to profit privately. The act also says lawmakers are not exempt from insider trading prohibitions under securities laws.

It requires congressional lawmakers to report any stock transactions by themselves or their family members of $1,000 or more within 45 days.

The push to prevent lawmakers from privately profiting through their public office has bipartisan support, and Hawley, and others on both sides of the proverbial aisle have initiated legislative action to outlaw such action.

Earlier this year, Hawley introduced a bill that would ban lawmakers from making stock trades while in office. Sens. Jon Ossoff, D-Ga., and Mark Kelly, D-Ariz., introduced similar legislation.

THERE’S A CASE FOR AN INSIDER TRADING INVESTIGATION INTO PAUL PELOSI: LEGAL EXPERT

Earlier this month, Reps. Chip Roy, R-TX, and Abigail Spanberger, D-Va., reintroduced a bill that would ban lawmakers and their family members from trading individual stocks or using their public office for “political gain.”

Representative Nancy Pelosi, a Democrat from California, and her husband Paul Pelosi, in the East Room of the White House in Washington, DC, US, on Tuesday, Jan. 17, 2023. 

Representative Nancy Pelosi, a Democrat from California, and her husband Paul Pelosi, in the East Room of the White House in Washington, DC, US, on Tuesday, Jan. 17, 2023. 
(Al Drago/Bloomberg via Getty Images)

The TRUST Act, formally the Transparent Representation Upholding Service and Trust in Congress Act, would require lawmakers and family members to transfer specific investments into a qualified blind trust while serving in Washington.

“Strengthening our democracy and building true resilience against corruption is not just about preventing unethical decisions, but it is also about addressing the feeling among many Americans that their elected officials and government don’t work for them. This perception is damaging to our democracy, and the TRUST in Congress Act would help build trust and assure the public that Members of Congress are not serving their own financial interests,” Spanberger said at the time.

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She also said the bill would create a “firewall between Members of Congress and their investments.”

Original cosponsors of the bill include Reps Scott Perry, R-Penn., Matt Gaetz, R-Fla.,  Jerry Nadler, D-N.Y., Adam Schiff, D-Calif., Dusty Johnson, R-SD, Nikema Williams, D-Ga., Dean Phillips, D-Minn., Chellie Pingree, D-Maine, Angie Craig, D-Minn., Mary Gay Scanlon, D-Penn., Brian Fitzpatrick, R-Penn., Pete Sessions, R-Texas, Grace Meng, D-N.Y. and Joe Courtney, D-CT and more.

Source: https://www.foxnews.com/politics/josh-hawley-introduces-pelosi-act-bar-lawmakers-trading-stocks-profiting-office

Politics

Trump joins calls for Biden admin to ‘shoot down’ suspected Chinese spy balloon

Former President Trump has weighed in on the suspected Chinese spy balloon hovering above the northern United States, calling on President Biden and his administration to “shoot” it down.

“SHOOT DOWN THE BALLOON,” Trump wrote in a Friday morning post to Truth Social.

Trump, who announced last November that he would make a third run for the White House in 2024, is not the only one calling for the Biden administration to take immediate action amid tension with China.

Former South Carolina Gov. Nikki Haley, who is expected to announce her 2024 presidential bid later this month, also called for aggressive action from the Biden administration.

CHINA CONFIRMS BALLOON IS THEIRS, AS SPOKESPERSON CLAIMS IT IS CIVILIAN RESEARCH AIRSHIP

Former President Trump has weighed in on the suspected Chinese spy balloon hovering above the northern United States, calling on President Biden and his administration to "shoot" it down.

Former President Trump has weighed in on the suspected Chinese spy balloon hovering above the northern United States, calling on President Biden and his administration to “shoot” it down.
(AP Photo/Evan Vucci, File)

“Shoot down the balloon. Cancel Blinken’s trip. Hold China accountable,” Haley wrote in a tweet. “Biden is letting China walk all over us. It’s time to make America strong again.”

The Pentagon addressed the suspected surveillance balloon that was detected over Billings, Montana and said Thursday that while they considered taking down the possible threat, they ultimately decided against any action due to “the risk to safety and security of people on the ground from the possible debris field,” according to Secretary of Defense Lloyd Austin.

“From the spy balloon to the Chinese Communist Party spying on Americans through TikTok to CCP-linked companies buying American farmland, I’m deeply troubled by the constant stream of alarming developments for our national security,” Gov. Greg Gianforte, R-Mont., wrote in a statement addressing the high priority concern.

The suspicious balloon, reportedly the size of three school buses, is currently being tracked by the U.S. government, but Montana lawmakers do not believe the Biden administration is doing enough to combat the potential threat.

Sen. Steve Daines, R-Mont., a fifth generation Montanan, demanded there be a “full security briefing from the administration on this situation.”

‘SHOOT IT DOWN’: MONTANA GOP DEMAND BIDEN TAKE OUT SUSPECTED CHINESE SPY BALLOON HOVERING OVER US FOR DAYS

“Shoot. It. Down. The Chinese spy balloon is clear provocation. In Montana we do not bow. We shoot it down. Take the shot,” Rep. Ryan Zinke, R-Mont., a former Navy SEAL, tweeted urgently on Thursday.

A balloon flies in the sky over Billings, Montana, Feb. 1, 2023 in this picture obtained from social media.

A balloon flies in the sky over Billings, Montana, Feb. 1, 2023 in this picture obtained from social media.
(Chase Doak/via Reuters)

“The fact that this balloon was occupying Montana airspace creates significant concern that Malmstrom Air Force Base (AFB) and the United States’ intercontinental ballistic missile (ICBM) fields are the targets of this intelligence gathering mission,” Daines wrote in a letter to Austin amid growing concerns over the balloon.

The People’s Republic of China confirmed Friday that the balloon craft floating over Montana is Chinese.

“The airship is from China. It is a civilian airship used for research, mainly meteorological, purposes,” a Chinese Foreign Ministry spokesperson confirmed Friday. “Affected by the Westerlies and with limited self-steering capability, the airship deviated far from its planned course.”

The spokesperson said China regrets the incident.

Chinese President Xi Jinping

Chinese President Xi Jinping
(Saudi Press Agency/Handout via REUTERS)

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The statement continued, “The Chinese side regrets the unintended entry of the airship into US airspace due to force majeure. The Chinese side will continue communicating with the US side and properly handle this unexpected situation caused by force majeure.”

Announcing an investigation by China’s government to look into the reports of the balloon, Foreign Ministry spokesperson Mao Ning said Friday during a daily briefing that “China is a responsible country and has always strictly abided by international laws, and China has no intention to violate the territory and airspace of any sovereign countries.”

She also urged U.S. officials and Chinese authorities to proceed “calmly and carefully” amid the investigation.

Fox News’ Timothy H.J. Nerozzi and Aubrie Spady contributed to this article.

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Politics

House GOP announces aggressive, first-of-its-kind effort to combat ESG movement

EXCLUSIVE: Republican leaders on the House Financial Services Committee are creating a first-of-its-kind task force to coordinate their response to various proposals related to the environmental, social and governance (ESG) movement.

Financial Services Committee Chairman Patrick McHenry, R-N.C., said Friday that the ESG working group would lead the Republican effort to combat the threat ESG policies pose to U.S. capital markets. He added that Financial Services Oversight Subcommittee Chairman Bill Huizenga, R-Mich., would lead the initiative and appointed another eight GOP committee members to serve on the working group.

“Progressives are trying to do with American businesses what they already did to our public education system—using our institutions to force their far-left ideology on the American people,” McHenry said in a statement shared with Fox News Digital. “Their latest tool in these efforts is environmental, social, and governance proposals. This is why I am creating a Republican ESG working group led by Oversight & Investigations Subcommittee Chair Bill Huizenga.”

“This group will develop a comprehensive approach to ESG that protects the financial interests of everyday investors and ensures our capital markets remain the envy of the world,” he continued. “Financial Services Committee Republicans as a whole will continue our work to expand capital formation, hold Biden’s rogue regulators accountable, and support American job creators.”

REPUBLICAN STATES ARE PLANNING AN ALL-OUT ASSAULT ON WOKE BANKS: ‘WE WON’T DO BUSINESS WITH YOU’

Rep. Patrick McHenry, R-N.C., speaks alongside fellow Republicans during a news conference on May 12, 2022.

Rep. Patrick McHenry, R-N.C., speaks alongside fellow Republicans during a news conference on May 12, 2022.
(Ting Shen/Bloomberg via Getty Images)

According to McHenry, the working group will be focused on reining in regulatory overreach from the Securities and Exchange Commission (SEC), reinforce the materiality standard — which requires corporations to disclose key information to investors — “as a pillar” of the financial disclosure regime and hold those who misuse the proxy process that gives shareholders a saying in company decisions accountable.

The task force will ultimately organize Republican efforts to fight back against the ESG movement, educate congressmen on the issues and develop policy proposals.

LOUISIANA DIVESTS FROM BLACKROCK OVER ESG POLICIES: ‘WOULD DESTROY LOUISIANA’S ECONOMY’

“Last year, the Supreme Court ruled in West Virginia vs EPA that government bureaucracies cannot arbitrarily expand their own regulatory reach,” Huizenga said in a statement. “The SEC’s climate disclosure rule is a prime example of this overreach that would have a wide-ranging impact on hard-working Americans across all walks of life.” 

“I look forward to leading our committee’s ESG working group, which will focus on promoting strong, vibrant capital markets, while defending the interests of all retail investors,” the Michigan lawmaker added.

In addition to Huizenga, fellow committee members Reps. Ann Wagner, R-Mo., Barry Loudermilk, R-Ga., Bryan Steil, R-Wis., Andrew Garbarino, R-N.Y., Byron Donalds, R-Fla., Monica De La Cruz, R-Texas, Erin Houchin, R-Ind., and Andy Ogles, R-Tenn., will serve on the working group.

Securities and Exchange Commission Chairman Gary Gensler has led the charge on a climate disclosure rule that Republicans have characterized as dangerous.

Securities and Exchange Commission Chairman Gary Gensler has led the charge on a climate disclosure rule that Republicans have characterized as dangerous.
(Reuters/Jose Luis Magana)

The ESG movement, which has picked up steam over the last few years, broadly seeks to promote a green energy transition and left-wing social priorities through the financial sector and major corporations. 

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It has largely been spearheaded by massive trillion-dollar asset managers and financial institutions like BlackRock, State Street and Vanguard, which have used their large stakes in large companies to push the adoption of ESG standards. The firms often utilize their outsized influence during the proxy voting process.

The movement has also been supported by Democratic lawmakers and the Biden administration which has moved ahead with various ESG actions over the last 12 months. 

For example, in March 2022, SEC Chairman Gary Gensler, who President Joe Biden appointed a year earlier, unveiled rules requiring publicly-listed companies to disclose climate-related information, an action that Republicans and business industry leaders warned may be unconstitutional

And late last month, a Labor Department rule went into effect allowing retirement plan managers to factor ESG standards into investment decisions.

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House Homeland Security chair rips ‘weak’ Biden for hiding Chinese spy balloon, emboldening adversaries

EXCLUSIVE: House Homeland Security Committee Chairman Mark Green on Friday criticized the Biden administration for failing to keep Congress informed about the discovery of a Chinese spy balloon floating above the U.S., and said his committee should have been notified by the administration instead of the media.

“The Committee on Homeland Security of the U.S. Congress — a co-equal branch of government — should not be finding out about a CCP spy balloon over Montana in the news,” Green told Fox News Digital exclusively.

Green said the Biden’s weakness toward China and other countries is only emboldening U.S. adversaries, and said the committee “cannot stand by” the Chinese Communist Party attempts to overtake the U.S.

GOP PRESSURES BLINKEN TO STAND UP TO CHINA’S XI AFTER SPY BALLOON DISCOVERED: ‘YOU MUST RAISE THIS’

Chairman of the House Committee on Homeland Security Mark Green, R-Tenn.

Chairman of the House Committee on Homeland Security Mark Green, R-Tenn.

“The Biden administration owes us, and the American people, answers — now! Our adversaries around the world see a weak president in Joe Biden and are testing their boundaries. Time and time again, the President has failed in countering, curbing, and competing with Beijing,” Green told Fox News Digital.

“We cannot stand by as the CCP continues to exercise threats of intimidation in an unbridled attempt to overtake the U.S.,” Green continued, promising action by the committee.

US GOVERNMENT MONITORING SUSPECTED CHINESE SPY BALLOON OVER NORTHERN STATES

The chairman blamed the "weak" Biden administration for allowing U.S. adversaries to take such striking measures against America.

The chairman blamed the “weak” Biden administration for allowing U.S. adversaries to take such striking measures against America.
(The Associated Press)

The People’s Republic of China confirmed Friday that the balloon floating over the northern United States is Chinese.

China claimed that the airship is a civilian research craft that was blown far off course by prevailing winds, and that it regrets the incident.

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“The airship is from China. It is a civilian airship used for research, mainly meteorological, purposes,” a Chinese Foreign Ministry spokesperson confirmed Friday. “Affected by the Westerlies and with limited self-steering capability, the airship deviated far from its planned course.”

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