Speaker Pelosi dismissed the idea of banning congressional lawmakers and their spouses from owning stock shares of individual companies. “We’re a free-market economy,” Pelosi said. “They should be able to participate in that.” - CNBC
Allowing lawmakers to continue to own index funds, which track sectors of financial markets, is seen as one way to allow them to get investment returns while limiting the potential for benefiting from information they obtain about individual companies or being perceived as doing so.
In 2019, then-Rep. Chris Collins, R-N.Y., pleaded guilty to federal charges related to tipping off his son about non-public information he had obtained about a pharmaceutical company's failed drug trial, shortly before public disclosure of that information sent the company's stock into a tailspin. Collins had for years beforehand touted the prospects of the company, Innate Therapeutics, and served on its board of directors even as he served in Congress.owning more than 17 percent of the firm, or almost 34 million shares. His children Cameron and Caitlin were at one point the third- and fourth-largest shareholders, with each owning 2.65 percent of the company at that time, or 5.2 million shares apiece.by President Donald Trump in December 2020, shortly before Trump left office.
of whether Burr and his brother-in-law Gerald Fauth and Fauth's wife engaged in insider trading off of non-public information Burr obtained about Covid as part of his job. Fauth is chairman of the National Mediation Board, an agency that facilitates labor-management relations in the U.S. railroad and airline industries.
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