Democratic strategist Lindy Li attributes President Biden’s recent support for a congressional stock trading ban to lingering resentment towards former House Speaker Nancy Pelosi. Li claims Biden is angered by Pelosi’s alleged role in encouraging his 2024 presidential withdrawal. This new stance, a significant shift from Biden’s prior position, follows reports of behind-the-scenes pressure on the president. Pelosi’s spokesperson offered a dismissive response to Li’s claims.
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President Biden, in a recent interview, publicly endorsed a congressional stock trading ban for the first time, stating that lawmakers should not profit from the stock market during their tenure. This long-debated proposal, despite gaining bipartisan momentum with a Senate committee passing a bill in July, faces an uncertain future with the current Congress nearing its end. Biden’s statement highlights the ethical concerns surrounding potential conflicts of interest, arguing that such trading undermines public trust. The President’s support, while potentially impactful, may not be enough to overcome legislative hurdles before the session concludes.
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President Biden has finally endorsed a ban on congressional stock trading, stating that lawmakers shouldn’t profit from the market during their terms. This long-awaited statement, made in an interview with Sen. Bernie Sanders’ advisor, comes just a month before the end of Biden’s presidency. While a bipartisan bill to ban such trading already exists, it lacks a vote. Biden’s endorsement adds significant weight to the debate fueled by concerns about insider trading and conflicts of interest.
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John Q. Hosedrinker