The leading Democrat in the House of Representatives, Hakeem Jeffries (NY-8), seems to be following in the footsteps of his predecessor and mentor, Nancy Pelosi, by employing a familiar tactic to thwart an initiative aimed at prohibiting stock trading by Congress members.
The question that naturally arises is why Jeffries would want to obstruct such a move. David Dayen of The American Prospect offers some enlightening perspectives on this matter.
According to RedState, Dayen previously reported on suspicions that House Democratic Leader Hakeem Jeffries was dissuading support for a bipartisan discharge petition, which sought to advance the widely favored policy of terminating congressional stock trading. A discharge petition, once signed by a majority of House members, guarantees a floor vote.
The conjecture was that Jeffries preferred to keep the idea of a trading ban alive for campaign purposes, and possibly to shield Democrats who wished to continue trading, rather than seize the opportunity to make substantial progress amidst the ongoing revolt against House Speaker Mike Johnson (R-LA).
Dayen now asserts, "I would say this is wholly confirmed now." The bill, under Jeffries' influence, is currently at a standstill. The House Democrats, led by Jeffries, have submitted their own discharge petition, which diverges from the bipartisan bill in one significant aspect: it proposes to extend the stock trading ban to President Donald Trump and Vice President JD Vance.
Despite the potential merits of this proposal, the harsh reality is that no Republican will ever endorse it, resulting in both competing discharge petitions failing to secure a majority.
Dylan Hedtler-Gaudette from the Project on Government Oversight drew parallels between Jeffries' actions and Pelosi's past maneuvers, stating, This is exactly what Pelosi did a few years ago. He was referring to Pelosi's 2022 endorsement of a trading ban that included the Supreme Court, which also disrupted a bipartisan negotiation. Hedtler-Gaudette criticized Jeffries' move as a disingenuous attempt to undermine the only bipartisan legislative vehicle gaining traction, labeling it as "really bad faith all around.
The consensus seems to be that if a trading ban is imposed on Congress, it should also apply to the president and vice president. However, the crux of the matter is that this move has divided the chamber, resulting in the bill's stagnation. It's hard to believe that Jeffries is unaware of this outcome. Moreover, it's worth noting that several Congress members, with Nancy Pelosi leading the pack, have amassed considerable wealth through this practice.
This policy proposal, which would likely garner overwhelming support from voters, remains a conundrum. The party that successfully pushes for the termination of using a Congressional seat as a quick route to wealth could potentially see a surge in subsequent polls. Yet, the proposal continues to be stalled.
As we enter January 2026, it appears that House Republicans are gearing up to revisit this issue. The blatant and widespread potential for corruption and double-dealing necessitates action. To Speaker Johnson and House Republicans, the message is clear: this needs to be addressed.
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