Washington D.C — Terrified that members will force a vote on a bipartisan bill to ban stock trading, House Republicans just advanced a bill out of committee that miraculously allows prolific stock-traders Congressmen Rob Bresnahan (PA-08) and Tom Kean Jr. (NJ-07) to continue making trades.
From the New York Times:
“Ms. Jayapal noted some of the most eyebrow-raising trades by lawmakers would be allowed to continue under the new bill. She singled out Representative Rob Bresnahan, Republican of Pennsylvania, who had dumped millions of dollars in the stock of companies that managed Medicaid enrollees before voting to cut Medicaid. The Johnson-backed legislation would allow members to continue to own stock in companies while members voted on bills that affected the share values of those companies.”
Polling has shown that Congressman Bresnahan’s constituents are deeply concerned about his stock trades, which also include dumping bonds in Pennsylvania hospitals before voting to gut Medicaid and profiting from the data center industry, which is driving up electricity prices for families across the Keystone State.
Like Congressman Bresnahan, Congressman Kean Jr. entered office on a promise not to trade stocks and put his assets into a blind trust, which he has since broken. But his prolific stock trading was the target of an Unrig Our Economy ad in his district. These ads highlight Congressman Kean Jr.’s vote to block limits on bank overdraft fees and his purchase of a stock in a bank that was likely to profit. He stood to benefit, while New Jersey families would pay the price.
“It was bad enough when Congressional Republicans were voting to give tax breaks to billionaires. Now they’re voting on stock legislation with loopholes so big Rob Bresnahan could land his secret helicopter on them,” said Unrig Our Economy Campaign Director Leor Tal. “The cost of groceries, electricity, and everyday goods are skyrocketing thanks to Washington Republicans like Rob Bresnahan and Tom Kean Jr. Unfortunately, instead of looking out for working families, Congressional Republicans are working to protect the stock portfolios of the very members raising costs for everyday Americans.”
Watch Unrig Our Economy’s ad on Congressman Tom Kean’s stock trading here:
Watch Unrig Our Economy’s ad on Congressman Rob Bresnahan’s stock trading and secret helicopter here:
To learn more about the campaign, visit UnrigOurEconomy.com or contact press@unrigoureconomy.com
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About Unrig Our Economy
Unrig Our Economy is a national campaign to fix the rules of our economy to make it work for working people. We know that when the middle class does well, all of us do well — which is why we’re fighting on behalf of working Americans and holding corporations, their wealthy executives, and the politicians who enable them accountable.