Congress bails on stock trading ban until after midterms
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Sep. 30—WASHINGTON — The reelection campaigns of U.S. Reps. Chris Pappas and Annie Kuster got bad news after U.S. House leaders put off a vote on legislation to ban stock trading by members of Congress until after the midterm elections.
The Pappas and Kuster campaigns spent plenty on television ads promoting their work to push House Speaker Nancy Pelosi's leadership to take up this legislation.
After six months of inaction, House leaders finally released the 26-page bill Tuesday night.
They said members did not have enough time to read it before Congress recesses for members to return home to campaign.
Pelosi, whose husband is a prolific stock trader, told reporters Friday the bill was moved because it lacked the votes to pass.
Although some lawmakers concede the momentum for the legislation will die down during a lame-duck session after the midterms, Pappas said he has not given up on the cause.
"The endless delays in this process are completely unnecessary, and I'll continue to call for action on this issue until we have passed legislation that will prevent elected officials from using their position of public service for personal gain," Pappas said in a statement.
Pappas said in 2021 he broke with party leadership in support of this issue.
Kuster and Pappas have said their advocacy played a part in Pelosi changing her own mind and coming out for the concept last spring.
"I'm disappointed to see this important bill delayed and I urge leadership to allow a vote as soon as possible," Kuster said.
"I'll continue to fight for transparency and accountability from our government and elected leaders."
Other House Dems more angry at delay
Other House Democrats were even angrier about this development.
"This moment marks a failure of House leadership — and it's yet another example of why I believe that the Democratic Party needs new leaders in the halls of Capitol Hill, as I have long made known," said Rep, Abigail Spanberger, D-Virginia, in a statement.
Kuster and Pappas both made this issue central to their campaign for voters to give them another term.
Pappas ran two ads, the first of which promoted his independence.
"That's why I am standing up to my own party to ban members of Congress from getting rich trading stocks," Pappas said in the commercial.
The second ad that has been on television for weeks and continued airing on Friday opens with Pappas speaking to the camera.
"Public service, that's what members of Congress should be but when they use insider information to buy and sell stocks, public service becomes self-service. That's why I am leading the fight to ban members of Congress from trading stocks," Pappas said.
Karoline Leavitt, the 1st Congressional District Republican nominee, said this reveals that when it comes to real reform, Pappas is all talk.
"Another term, another example of Chris Pappas's inability to get the job done," Leavitt said.
"Pappas spent months talking about his 'work' on this issue, but when push came to shove, he couldn't convince his puppet master Nancy Pelosi to act on it. DC has been ripping off Granite Staters for decades, and because of Chris Pappas's weakness, the swamp will continue to do so."
Kuster took up the subject in her first TV ad last month featuring Si Robertson of Contoocook Creamery.
"I don't mind working hard for a living, but too often it seems politicians look out for themselves instead of us," Robertson said.
"But Annie Kuster is different. Annie took on her own party to ban members of Congress from buying or selling stock."
2nd Congressional District Republican nominee Bob Burns of Pembroke said if elected he'll take up the effort.
"I vow to the voters of the Second District that I will vote to ban stock trading by members of Congress," Burns said.
"However, it is a no secret that absent Annie Kuster has been beholden to Pelosi during all five of her terms in Congress. Kuster needs to explain to Granite Staters why she votes for Nancy for speaker, time after time, having a full understanding of her unethical conduct."
