House Speaker Nancy Pelosi, D-Calif., doesn't trade stocks, but thinks lawmakers should be able to pick individual stocks. The top House Republican backs a new ban amid a bipartisan push for reform.

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Should members of Congress be able to trade stocks? They can now but have to disclose their investments, but there's a new bipartisan push to ban lawmakers from making any stock picks at all. NPR congressional correspondent Deirdre Walsh explains.

DEIRDRE WALSH, BYLINE: House Speaker Nancy Pelosi doesn't personally trade stocks but thinks members of Congress should be able to.

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NANCY PELOSI: We are a free market economy. They should be able to participate in that.

WALSH: Under the current law known as the Stock Act, lawmakers have to file a report when they buy or sell stocks within 30 days. An increasing number of lawmakers have failed to do so. That, combined with recent federal probes about whether some profited off of information they learned on the job, is fueling new talk about reforms. And Kedric Payne from the Campaign Legal Center says polls overwhelmingly show support for changing the law.

KEDRIC PAYNE: Members of Congress are finally seeing that the public wants to know that they are not acting in their own personal interest when they make official decisions.

WALSH: The push unites members across the political spectrum, from liberals like New York Congresswoman Alexandria Ocasio-Cortez to conservative Texas Republican Chip Roy. Some bills under consideration would ban trading for lawmakers; others extend the ban to spouses and other family members. NPR recently reported that investors are following the trades of Pelosi's husband. Even when spouses comply with disclosure rules, investors think they could have an inside track. Now, the top House Republican, Kevin McCarthy, thinks it's time for lawmakers to stop buying and selling individual stocks.

KEVIN MCCARTHY: I cannot imagine being a speaker of the House with the power of what can come before committee, you name them and what can come to the floor and trading millions of dollars' worth of options. I just don't think the American people think that's right.

WALSH: He's in line to be speaker if his party gains control of the chamber in November. McCarthy is working on a plan, but his own members are split.

KEN BUCK: I think it's a good idea.

WALSH: That's Colorado Republican Ken Buck. He doesn't think members are abusing the system but says there's an appearance problem.

BUCK: I don't know of anybody that has profited, but I do know that members of the public are questioning whether we get inside information.

WALSH: But Texas Republican Pete Sessions disagrees with the need for a new law.

PETE SESSIONS: I don't believe it's necessary.

WALSH: He says it's important to demonstrate there's no conflict of interest and pointed out the current law mandates filing timely reports or facing a fine. Sessions admitted he failed to disclose a trade within the required period.

SESSIONS: I should have reported it, but I didn't have the paperwork on it or something. So I think I've asked for a waiver at least once, maybe twice, but I reported it within a reasonable period of time.

WALSH: Nebraska Republican Don Bacon is torn about whether a new law is needed.

DON BACON: I got mixed feelings. I don't have any myself. I do mutual funds. And I think there's risk if you have stocks - a lot of legislation we work on could impact it; committee hearings, you hear stuff. So I think I'd be really cautious if you have stocks.

WALSH: California Republican Darrell Issa has never personally traded stocks once he got elected. He supports the concept of an updated law but says there are some practical issues to work out.

DARRELL ISSA: We have spouses that are CEOs of public companies. We have lots of them that are employees of companies that grant stock options that they then sell.

WALSH: Facing pressure on the issue, Pelosi has asked the House Administration Committee to investigate how the current law is working and consider increasing fines. But with the growing number of her own members wanting to go further in an election year, Congress may end up looking at updating rules for how and whether lawmakers can invest.

Deirdre Walsh, NPR News.

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