uscongress

US Treasury Secretary Scott Bessent stated on Wednesday that members of Congress should be completely banned from trading individual stocks. According to him, their investment returns are “staggering” and in many cases outperform most hedge funds.
Bessent openly named Nancy Pelosi and Ron Wyden, stressing the need to restore the credibility of both the House of Representatives and the Senate. “The American people deserve better than this,” he said, reinforcing ongoing legislative efforts in both chambers to ban stock trading by elected officials.

Political pressure builds
The debate over a ban is not new, but in recent months it has intensified significantly. Now that the Treasury Secretary has joined the discussion, it could tip the balance. While some lawmakers support the ban, others – even within the same party – strongly oppose it.
Republican House Speaker Mike Johnson is working to block the plan of Congresswoman Anna Paulina Luna, who intends to force a vote in September through a discharge petition. Behind the scenes, during the August recess, members from both parties have been pressing leadership to halt the growing momentum before Congress returns in the fall.
Pelosi’s spokesperson Ian Krager responded by saying that the former Speaker “owns no stocks and has no knowledge of any transactions.” Ron Wyden’s office declined to comment.

Controversy on both sides
Stock trading concerns are not limited to Democrats. In April, Marjorie Taylor Greene faced scrutiny after buying shares shortly before former President Donald Trump rolled back part of his tariff policy.

Senator Josh Hawley of Missouri later reintroduced a bill to ban stock trading by lawmakers and their spouses – this time naming it the PELOSI Act.
“People should not come to Washington to get rich. They should come to serve the American people,” Bessent emphasized. He added that if an ordinary citizen traded this way, the SEC would be knocking on their door. According to him, these practices directly fuel the public’s growing distrust of government.

Fed under fire – Bessent sides with Trump
During the interview, Bessent also addressed monetary policy. He said the Fed should cut interest rates by 50 basis points at its September meeting, and ultimately by a total of 150–175 points. He argued the central bank should have acted in June or July if it had responded in time to labor market signals.
A recent Labor Department report showed weaker-than-expected job figures, including significant downward revisions for the past two months. This marks the first time Bessent has so directly called for a major policy shift, aligning himself more closely with Donald Trump’s economic stance.
Trump has long pushed for rapid rate cuts and has sharply criticized Fed Chair Jerome Powell for delays. He recently even hinted at possible legal action against Powell over a Fed headquarters renovation project, although it’s unclear whether such a move would have legal grounds.
Bessent, meanwhile, has not hesitated to call the Fed an “irresponsible agency”, making it clear he believes the central bank is stalling and harming the economy.

#ScottBessent , #USCongress , #Fed , #TRUMP , #USPolitics

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