Bashing Nancy Pelosi for trading shares? Yes — that’s a celebration that Sen. Ted Cruz would love to be part of.
Cruz, a Texas Republican, is weighing the concept of introducing his own bill to ban members of Congress — amongst them the Democratic House Speaker from California — from the controversial apply of shopping for and promoting particular person shares, sources instructed On The Money.
On Wednesday, Sen. Jon Ossoff (D-Ga.) and Mark Kelly (D-Ariz.) introduced plans to introduce The Ban Congressional Stock Trading Act, which is able to crack down on members of Congress and their households from selecting shares, as an alternative limiting them to extra vanilla-type mutual funds and the like.
Ossoff’s plans for the bill, which might clamp down on Pelosi and her husband, Paul — a Silicon Valley investor who currently has wolfed up choices on Google, Disney and Roblox — had been first reported by The Post on Saturday.
Just hours later, Sen. Josh Hawley (R-Mo.) introduced he would additionally introduce laws banning such stock trades in Congress.
Not to be outdone, Cruz, a Texas Republican, is now contemplating how he can be part of the fray, in accordance to Beltway insiders.
“Hawley and Cruz want to one-up each other,” a supply shut to the Senators instructed On The Money. “They don’t want to let the other one own the issue… they’d never join the other Senator’s bill because it would mean they couldn’t be the star.”
Cruz continues to be in the brainstorming part — and attempting to determine how he can differentiate his laws, a supply provides. To date, Cruz seems to have stayed away from making suspicious trades. His spouse is a managing director at Goldman Sachs.
Cruz can be notorious for shifting slowly when it comes to writing and introducing laws, this individual provides — and cautions it might take some time for Cruz to put pen to paper.
“He’s going to take a tough stance because this legislation isn’t going to go anywhere,” a supply provides. “These are just messaging bills.”
Sen. Cruz’s workplace declined remark.
While it’s unclear what worth will probably be added by creating one other anti-stock trading bill, individuals shut to Cruz say it doesn’t matter.
“The US Senate never thinks there are too many cooks in the kitchen,” this individual provides.
The flurry of laws comes after Pelosi disregarded worries over stock selecting by lawmakers final month, claiming it was a part of the “free-market economy” — feedback that made Democratic insiders “blood boil,” individuals shut to the speaker instructed The Post.
In December, the House Speaker disclosed that the Pelosis scooped up thousands and thousands in bullish name choices for tech shares. At the identical, some insiders say she has slow-walked efforts to rein in Big Tech.
Even although the laws may not transfer ahead, some cynical observers are heartened by the content material of the payments. “Posturing on issues that matter is a good thing — it helps the cause,” Jeff Hauser, founder and director of the Revolving Door Project instructed The Post.
Others are rolling their eyes. “He’s just showboating and he’s late to the game,” one progressive operative instructed The Post.