Media that empowers working people – that's how we build a More Perfect Union.

Don't Miss a Video!

Access our exclusive reporting and rapid response actions directly in your inbox, so you don’t miss a beat in the fight for working people nationwide.

Be a part of a community backing up independent journalism with action.

Ideas

Have a story to tell or idea to share?
Email [email protected]
© 2021 More Perfect Union Action

Together we can build power for working people.

We’re asking questions that really matter, and telling the stories of people who really need to be seen and heard.

You can support our work by donating today.

Amount

Make It Monthly

Don't Miss a Video!

Access our exclusive reporting and rapid response actions directly in your inbox, so you don’t miss a beat in the fight for working people nationwide.

Be a part of a community backing up independent journalism with action.

Kevin McCarthy Vowed To Take On Congressional Stock Trading. Now He’s Gone Silent.

Before the election, the House Republican leader pledged to act: "We have to bring trust back to this institution." Will he deliver?

House Republican leader Kevin McCarthy (R-CA) has a difficult fight on his hands to win the 218 votes needed to become the next Speaker of the House.

Just a few weeks ago, McCarthy won a majority of votes from the House Republican caucus to win their nomination to be the next Speaker. But he did so while losing 31 votes on his own Republican side. In January, he will stand for election before the full House. With a very thin incoming majority, McCarthy can only stand to lose 4 votes if he wants to win the Speaker’s race. 

His problems are compounded by the fact that he has a right-wing challenger – Rep. Andy Biggs (R-AZ) – who is competing against him for Speaker. Some have speculated that the next Speaker may need to win Democratic votes, given the fractured nature of the House Republican caucus.

In the months before the midterms, Republicans and Democrats shared one clear policy priority that could become the issue that helps generate consensus in the Speaker’s race: banning members of Congress from trading individual stocks.

With Speaker Pelosi exiting her leadership position without having delivered a floor vote on a stock trading bill, Kevin McCarthy now has a chance to campaign on delivering change. 

Nearly one year ago, in January 2022, McCarthy convened a House Republican retreat and informed Punchbowl News that if the Republicans were to win, he would move on a stock trading ban. The news generated positive headlines for McCarthy in a range of press outlets.

McCarthy’s National Republican Congressional Campaign Committee then used the issue to attack Democrats for failing to pass such a ban.

Shortly before the election, McCarthy made this concrete pledge at a press conference:

McCarthy: “This is something that we will do in the majority, putting new rules forward, knowing that people are not investing in a place that they have influence. … I think we have to bring trust back to this institution.”

Roughly a month from Election Day, McCarthy went on Fox News to rip Speaker Pelosi and her husband for stock trades and stated: “That all changes in 37 days!” 

A ban on congressional stock trading is incredibly popular with the American public, often earning nearly 70 percent support in public polls and drawing together unlikely political bedfellows, ranging from progressive Alexandria Ocasio-Cortez to moderate Abigail Spanberger to conservatives Chip Roy and Matt Gaetz

The last time Congress made a serious effort to address stock trading, it passed the Stock Act to require greater transparency around members and staff who buy and sell stocks. That was done with the support of a Democratic President (Obama) and a House Republican Majority Leader (Eric Cantor).

Since the November midterm elections, Kevin McCarthy has gone silent on his pledge to take on stock trading. Will he pledge to hold a floor vote on it? If so, it could generate broad bipartisan support, just as it did in 2012 in a divided Congress. President Biden, who didn’t own a single stock during his long career in Congress, would almost certainly welcome a Republican effort to send a stock trading ban to his desk.

Related Stories

YouTube Thumbnail
Half of Congress is Trading Stocks, and It’s Determining Our Laws
Read More
YouTube Thumbnail
How Elon Musk Got Rich: The $230 Billion Myth
Read More

The Latest

YouTube Thumbnail
Elon Musk’s Firing Spree Continues: Twitter Janitors Terminated Via Text
Read More
YouTube Thumbnail
Four Lies Big Oil Is Feeding You To Keep Gas Prices High
Read More
Wall Street Banks Huge Profits Off Surging Credit Card Debt
Read More
YouTube Thumbnail
How Workers Took On A Manufacturing Giant—and Won
Read More
YouTube Thumbnail
Playing with Players’ Lives: How the NFL Hid a Crisis Killing Athletes
Read More
Kyrsten Sinema
Sinema’s Private Equity Donations Keep Flowing After Saving Tax Loophole
Read More
YouTube Thumbnail
Moderna To Raise Prices Over 400% For Vaccine That Taxpayers Helped Create
Read More
YouTube Thumbnail
How The Supreme Court Could Soon Destroy The Right To Strike
Read More
YouTube Thumbnail
Cities Are Canceling Medical Debt Thanks to Democrats’ American Rescue Plan
Read More
Bed, Bath & Beyond
Bed, Bath & Beyond’s Ex-CEO Got Rich Bankrupting the Retailer, Now Workers Stand to Lose
Read More
Rep. Virginia Foxx
Millionaire Stock Trader To Lead House Labor Committee For GOP
Read More
YouTube Thumbnail
The Fight For $20 Comes To New York
Read More
YouTube Thumbnail
Inside A Trader Joe’s Union Contract Bargaining Session
Read More
YouTube Thumbnail
How This Billionaire Couple Stole California’s Water Supply
Read More
YouTube Thumbnail
La Colombe Coffee Workers Are Unionizing
Read More
Kevin McCarthy Vowed To Take On Congressional Stock Trading. Now He’s Gone Silent.
Read More
Schumer Freezes Antitrust Bills After Big Tech Lobbyists Bundled Millions
Read More
YouTube Thumbnail
How Joe Biden Could Stop Shady Union-Busting Practices
Read More
Rail Workers Oust Union President Who Backed Labor Deal
Read More
Before Her Party Switch, Sinema Was Flooded With Donations From Wall Street, Private Equity
Read More