Republican Members of Congress Oppose Kevin McCarthy’s Proposal to Limit Insider Trading

After House Minority Leader Kevin McCarthy (R-Calif.) proposed possible new legislation to limit the practice of insider stock trading among members of Congress, even some within his own ranks have anonymously voiced their opposition to such a plan.

As reported by the New York Post, McCarthy first made the suggestion to Punchbowl News, suggesting such a bill as one of many things he would want to see introduced if the GOP retakes the majority in November. Among other things, his proposal would restrict members to only holding professionally managed funds, as well as prohibit lawmakers from owning stocks in companies that are overseen by committees they serve on.

McCarthy pointed to the example of House Speaker Nancy Pelosi (D-Calif.), who has a net worth of over $100 million, and whose husband was found to have traded millions more worth of tech stocks. “I just think if you’re the Speaker of the House, you control what comes to the floor, what goes through committee, you have all the power to do everything you want,” McCarthy said on Tuesday. “You can’t be trading millions of dollars.”

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U.S. Sen. Burr Steps Down from Senate Intelligence Committee Chairmanship

A day after his cellphone was seized by federal agents as part of an FBI investigation into insider trading, North Carolina U.S. Sen. Richard Burr is leaving his position as chairman of the Senate Intelligence Committee.

“Senator Burr contacted me this morning to inform me of his decision to step aside as Chairman of the Intelligence Committee during the pendency of the investigation,” Senate Majority Leader Mitch McConnell, R-Kentucky, said in a statement. “We agreed that this decision would be in the best interests of the committee and will be effective at the end of the day tomorrow.”

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The Department of Justice Is Probing Senator Richard Burr’s Stock Trades: Report

The Justice Department is probing a series of stock trades that Senate Intelligence Committee Chairman Richard Burr (R-NC) made in the weeks after receiving briefings about the coronavirus pandemic, CNN reported.

The Justice Department is coordinating with the Securities and Exchange Commission on the matter, and the FBI has contacted Barr, a North Carolina Republican, according to CNN, which cited two people familiar with the matter.

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