Article by Christian A. Lobello
“We’re a free-market economy…[lawmakers] should be able to participate in that.” Speaker Nancy Pelosi is one of the many lawmakers who have recently come under fire for their suspicious securities trading in the wake of the COVID-19 pandemic. Many have called for reform in the regulation of government officials’ trading, with an overwhelming 76% of voters believing that lawmakers and their spouses have an “unfair advantage” in the stock market given their proximity to inside information in Washington. Members of Congress have access to inside information that implicates duties of trust and confidence, as well as fiduciary duties to the public. While other branches of government have ethics rules in place to police abuse of such information in their respective capacities, the unique nature of information that congresspersons possess causes similar application of ethical enforcement to be inadequate. Although there have been attempts to resolve this problem in Congress (through both legislation and scholarly debate), the policy justifications and political implications of attempting to resolve this issue weigh in favor of an outright ban rather than these proposed half-measures.
About the Author
Christian A. Lobello, J.D. candidate 2023, Tulane University Law School; B.S. 2020, The Ohio State University. I would like to sincerely thank Professor Onnig H. Dombalagian for his guidance and support of this inquiry and the members of the Tulane Law Review for their assistance in preparing this Comment for publication. This Comment is dedicated to my grandparents, Ann and Richard, for their endless love and support during my time in New Orleans.
Citation
97 Tul. L. Rev. 127 (2022)