House Republicans plan to include in their inside trading legislation a so-called “Pelosi provision” to strengthen rules that govern lawmakers’ participation in initial public offerings.
The plan will be part of a package of amendments to the Stock Act expected to be released Tuesday evening. The Senate passed its own version of the ethics legislation last week.
The idea is a shot across the bow at Minority Leader Nancy Pelosi (D-Calif.). The public uproar for Congress to tighten restrictions on lawmaker stock trading came after a CBS “60 Minutes” report, which said the wealthy Pelosi and her husband Paul participated in Visa’s initial public offering while credit card regulation legislation was pending before Congress.