Willie R. Tubbs, FISM News
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Two members of the House of Representatives, one a Republican and the other a Democrat, have partnered to introduce a bill that would prevent their colleagues from drawing a check in the event of a government debt default.
Reps. Abigail Spanberger (D-Va.) and Brian Fitzpatrick (R-Pa.) introduced the No Pay for Congress During Default or Shutdown Act on Thursday, and the bill is exactly what its name suggests.
“It should be something that we absolutely feel right along with our constituents,” political correspondent Hannah Brandt quoted Spanberger as saying.
"It should be something that we absolutely feel right along with our constituents," @RepSpanberger tells me about her bill to block pay to members of Congress if the govt defaults or shuts down.
Today negotiators put debt ceiling talks on hold bc they can't find common ground. pic.twitter.com/ewV0e7PMqv
— Hannah Brandt (@HannahBrandt_TV) May 19, 2023
In a statement, Spanberger added, “If Congress can’t fulfill basic obligations tied to the strength and security of our country, lawmakers should not be rewarded with our salaries until we do our jobs.”
Fitzpatrick, in a statement, said, “Members of Congress promise to fight for their constituents in Washington, and should not be paid a taxpayer-funded salary if they cannot deliver on that promise.”
On Twitter, he called the bill “a no-brainer — lawmakers should not be paid if we irresponsibly default on our nation’s debt.”
My bipartisan bill with @RepSpanberger is a no-brainer — lawmakers should not be paid if we irresponsibly default on our nation’s debt.
Read more: https://t.co/jFsWZnQg6S
— Rep. Brian Fitzpatrick 🇺🇸 (@RepBrianFitz) May 18, 2023
Negotiations on a debt ceiling increase between House Republicans and the White House stalled on Friday as conservatives accused the Biden administration of being unreasonable.
NO TRADE BILLS GAIN STEAM
A national debt default would throw the nation’s already frail economy into turmoil, which is the type of situation shrewd stock traders can exploit.
In recent years, Congress has proven home to some of the shrewdest traders on the market, a fact that Spanberger has been fighting to correct.
Since early this year, Spanberger has pushed for a full ban on stock trading for any member of Congress. It’s a notion that has gained bipartisan support in both chambers.
In the Senate, the unlikely combination of Sens. Elizabeth Warren (D-Mass.) and Josh Hawley (R-Mo.), among the farther left and right members of the Senate, has joined with Sens. Raphael Warnock (D-Ga.) and Lindsey Graham (R-S.C.) to seek out a larger coalition to back a ban.
The problem for the bipartisan lawmakers who would ban stock trading among their colleagues is that they likely face a wall of bipartisan opposition. Republicans and Democrats alike have proven keenly adept at winning the stock market game.
Markets Insider reports that in 2021, 35 members of Congress, 19 Democrats and 16 Republicans, had better returns than the S&P 500.
In that timespan, Senate Democrats experienced the most success, with portfolios growing by an average of 15.4% compared to the S&P’s 13.6% growth.
Senate Republicans (13%) were the only group not to exceed the S&P’s performance on average. House Democrats and Republicans (14.7% apiece) were tied with each other but outperformed the S&P.
According to Markets Insider, seven of the top 10 performing traders in Congress were Republicans.