Bashing Nancy Pelosi for buying and selling shares? Sure — that’s a celebration that Sen. Ted Cruz wish to be part of.
Cruz, a Texas Republican, is weighing the thought of introducing his personal invoice to ban members of Congress — amongst them the Democratic Home Speaker from California — from the controversial follow of shopping for and promoting particular person shares, sources advised On The Cash.
On Wednesday, Sen. Jon Ossoff (D-Ga.) and Mark Kelly (D-Ariz.) introduced plans to introduce The Ban Congressional Inventory Buying and selling Act, which can 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 invoice, which might clamp down on Pelosi and her husband, Paul — a Silicon Valley investor who these days has gobbled up options on Google, Disney and Roblox — have been first reported by The Post on Saturday.
Simply hours later, Sen. Josh Hawley (R-Mo.) introduced he would additionally introduce laws banning such inventory trades in Congress.
To not be outdone, Cruz, a Texas Republican, is now contemplating how he can be part of the fray, in accordance with Beltway insiders.
“Hawley and Cruz wish to one-up one another,” a supply near the Senators advised On The Cash. “They don’t wish to let the opposite one personal the difficulty… they’d by no means be part of the opposite Senator’s invoice as a result of it could imply they couldn’t be the star.”
Cruz remains to be within the brainstorming part — and attempting to determine how he can differentiate his laws, a supply provides. Up to now, 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 in relation to writing and introducing laws, this individual provides — and cautions it may take some time for Cruz to place pen to paper.
“He’s going to take a troublesome stance as a result of this laws isn’t going to go wherever,” a supply provides. “These are simply messaging payments.”
Sen. Cruz’s workplace declined remark.
Whereas it’s unclear what worth shall be added by creating one other anti-stock buying and selling invoice, folks near Cruz say it doesn’t matter.
“The US Senate by no means thinks there are too many cooks within the kitchen,” this individual provides.
The flurry of laws comes after Pelosi dismissed worries over stock picking by lawmakers last month, claiming it was part of the “free-market economy” — feedback that made Democratic insiders “blood boil,” folks near the speaker advised The Submit.
In December, the Home Speaker disclosed that the Pelosis scooped up millions in bullish call options for tech shares. On the identical, some insiders say she has slow-walked efforts to rein in Big Tech.
Regardless that the laws might not transfer ahead, some cynical observers are heartened by the content material of the payments. “Posturing on points that matter is an efficient factor — it helps the trigger,” Jeff Hauser, founder and director of the Revolving Door Mission advised The Submit.
Others are rolling their eyes. “He’s simply showboating and he’s late to the sport,” one progressive operative advised The Submit.