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House Speaker Nancy Pelosi (D-Calif.) is moving to ban stock trading on Capitol Hill, after having consistently opposed such a measure, Punchbowl News reported.

Why it matters: This adds unprecedented momentum to an issue that also has bipartisan support on the Senate side.

Pelosi's imprimatur, which was first reported by Punchbowl News, follows building momentum in both parties: Some progressive Democrats and MAGA Republicans have united on a proposal to ban sitting lawmakers from trading individual stocks, Axios reported last month.

Pelosi said Wednesday a bill could be put forward "very soon" and indicated she would support legislation that imposes more harsh fines for lawmakers who violate the STOCK act.

She added that any bill should include restrictions on stock trading for other branches of government, singling out the judiciary and the Supreme Court.

Pelosi, who expressed opposition to a ban in the past, and some other Democratic leaders have been slow to take up the issue, despite reported interest from House Minority Leader Kevin McCarthy (R-Calif.).

"We're a free-market economy," Pelosi told reporters in December. "[Lawmakers] should be able to participate in that."

She has been a target of those seeking to ban congressional trading, with critics regularly noting that her husband is an active trader who holds millions of dollars of stocks.

Senate Majority Leader Chuck Schumer (D-N.Y.) has already endorsed banning stock trades by members of Congress, telling reporters on Tuesday that he "would like to see it done."

Driving the news: Pelosi and House Democratic leaders are planning to "amend the STOCK Act, the 2012 law governing how members disclose the purchase or sale of stocks, to eliminate the trading of individual stocks by members of Congress," Punchbowl News reports.

State of play: Momentum has been growing in both parties and both chambers.

Sens. Elizabeth Warren (D-Mass.) and Steve Daines (R-Mont.) have already reached a deal to file a stock-ban bill, Axios' Sophia Cai reports.

Their bill would ban lawmakers and their spouses from owning and trading individual stocks but would allow them to own stock in diversified funds.

But other Democratic Senators have lined up behind a less stringent proposal from Sen. Jon Ossoff (D-Ga.) and Sen. Mark Kelly (D-Ariz.) that would require members of Congress and their spouses to put their stock portfolios in a blind trust.

Between the lines: Members of Congress have great power to move stock prices, and great financial incentives to do so, Axios' Dan Primack notes.

Editor's note: This article has been updated to include remarks from Pelosi.

Pelosi buckles, pushes stock-trading ban

This adds unprecedented momentum to an issue that also has bipartisan support on the Senate side.

Illustration of caution tape with dollar signs on it covering the Capitol Dome

Nancy Pelosi

Politics & Policy

A federal judge on Wednesday denied Elon Musk's request to scrap a 2018 settlement with the Securities and Exchange Commission that required some of his tweets to be preapproved.

Why it matters: The decision means Musk could remain barred from freely tweeting about Tesla despite reaching an agreement to buy Twitter for $44 billion.

Musk asked a federal judge in March to terminate the consent decree, which required Tesla's counsel to vet his tweets about the company after he had claimed on Twitter to have "funding secured" to take Tesla private.

The settlement also required him to step down as Tesla's chair and pay a $20 million fine.

Between the lines: Musk said in court papers that he was coerced into making the deal with the SEC, claiming that he "never lied to shareholders" in his initial tweet that he had secured funding to take Tesla private.

Since asking the court to end the SEC settlement, Musk launched a campaign to take over Twitter that resulted in him purchasing the company for $54.20 a share.

What they're saying: "Musk, by entering into the consent decree in 2018, agreed to the provision requiring the pre-approval of any such written communications that contain, or reasonably could contain, information material to Tesla or its shareholders," U.S. District Judge Lewis Linman said in the written opinion.

"He cannot now complain that this provision violates his First Amendment rights. Musk's argument that the SEC has used the consent decree to harass him and to launch investigations of his speech is likewise meritless and, in this case, particularly ironic," he added.

Judge rejects Musk's bid to end 2018 SEC settlement

The decision means Musk could remain barred from freely tweeting about Tesla despite reaching an agreement to buy Twitter.

Elon Musk. Photo: Al Drago/Bloomberg via Getty Images

Elon Musk

A federal judge on Wednesday denied <a class="gtmContentClick" data-vars-link-text="Elon Musk&#x27;s request" data-vars-click-url="https://www.axios.com/elon-musk-tesla-sec-settlement-7c485c5b-e58c-4c6d-b3f7-52f14f10aacd.html" data-vars-content-id="5b19b981-8681-4988-a9ca-6797b2ab6b91" data-vars-headline="Judge rejects Musk&#x27;s bid to end 2018 SEC settlement" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/elon-musk-tesla-sec-settlement-7c485c5b-e58c-4c6d-b3f7-52f14f10aacd.html" target="_self">Elon Musk&#x27;s request</a> to scrap a 2018 settlement with the Securities and Exchange Commission that required some of his tweets to be preapproved.Why it matters: The decision means Musk could remain barred from freely tweeting about Tesla despite <a class="gtmContentClick" data-vars-link-text="reaching an agreement" data-vars-click-url="https://www.axios.com/twitter-elon-musk-deal-065c90cd-d584-4126-b5c1-457f2591b792.html" data-vars-content-id="5b19b981-8681-4988-a9ca-6797b2ab6b91" data-vars-headline="Judge rejects Musk&#x27;s bid to end 2018 SEC settlement" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/twitter-elon-musk-deal-065c90cd-d584-4126-b5c1-457f2591b792.html" target="_self">reaching an agreement</a> to buy Twitter for $44 billion.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

Technology

President Biden on Tuesday threw his support behind changing the Senate's filibuster rules in an effort to pass voting rights legislation.

Driving the news: "I believe the threat to our democracy is so grave that we must find a way to pass the voting rights bill, debate them, vote, let the majority prevail," Biden said in a major speech in Atlanta. "And if that bare minimum is blocked, we have no option but to change the Senate rule, including getting rid of the filibuster for this."

The big picture: Senate Majority Leader Chuck Schumer said last week that the Senate will vote on rules changes to the filibuster by Martin Luther King Jr. Day on Jan. 17.

What they're saying: "Today I’m making it clear: To protect our democracy, I support changing the Senate rules whichever way they need to be changed to prevent a minority of senators from blocking action on voting rights," President Biden said. 

"Will we choose democracy over autocracy, light over shadow, justice over injustice?" he added. The "next few days, when these bills come to a vote, will mark a turning point in this nation."

"I know where I stand. I will not yield. I will not flinch. I will defend your right to vote and our democracy against all enemies foreign and domestic. And so the question, is where will the institution of United States Senate stand?" 

"We have seen so many anti-voter laws, that there is a danger of becoming accustomed to these laws ... as though they are normal," Vice President Kamala Harris said in her own remarks at the event.

Top Democrats, including Biden and Harris, called for expanding voting rights on the one-year anniversary of the Jan. 6 Capitol riot.

Some civil rights activists will skip the speech, saying that they're more interested in legislation than political rhetoric, Axios' Alexi McCammond reports.

Yes, but: Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) remain big obstacles to lowering the 60-vote threshold.

Biden backs filibuster changes to pass voting rights bill

"Next few days, when these bills come to a vote, will mark a turning point in this nation," he said Tuesday.

President Joe Biden waves while walking on the South Lawn of the White House after arriving on Marine One.

Photo: Al Drago/Bloomberg via Getty Images

Joe Biden

President Biden on Tuesday threw his support behind changing the Senate&#x27;s filibuster rules in an effort to pass voting rights legislation.Driving the news: &quot;I believe the threat to our democracy is so grave that we must find a way to pass the voting rights bill, debate them, vote, let the majority prevail,&quot; Biden said in a <a class="gtmContentClick" data-vars-link-text="major speech" data-vars-click-url="https://www.youtube.com/watch?v=090lj9MXzlE" data-vars-content-id="9a40b86f-669f-4f29-ac79-3972986da6c9" data-vars-headline="Biden backs filibuster changes to pass voting rights bill" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.youtube.com/watch?v=090lj9MXzlE" target="_blank">major speech</a> in Atlanta. &quot;And if that bare minimum is blocked, we have no option but to change the Senate rule, including getting rid of the filibuster for this.&quot;

McDonald's didn't pull punches after activist investor Carl Icahn launched a proxy fight over the weekend to pressure the fast-food giant over the treatment of pigs used in its pork products.

Why it matters: Icahn, who has become known for aggressive activist campaigns targeting companies he views as inefficient, is asking McDonald's to prioritize an issue other than profit.

McDonald's said on Sunday that Icahn had nominated two people for board seats. The move was first reported by the Wall Street Journal.

The big picture: At issue is the way McDonald's suppliers treat pregnant pigs. Icahn and the Humane Society of the United States have asked the company to end the practice of keeping sows in confined spaces known as gestational crates.

In 2012, the company promised to phase out the practice within a decade. It said on Sunday that it "expects to source 85% to 90% of its U.S. pork volumes from sows not housed in gestation crates during pregnancy."

At the time, the Humane Society applauded the move. But the organization has since become critical of McDonald's effort and said it fears that the company will move to reduce the practice by its suppliers, rather than end it.

What they're saying: In a statement, McDonald's fired back at the activist investor, saying the "current pork supply in the U.S. would make this type of commitment impossible."

"Furthermore, it reflects a departure from the veterinary science used for large-scale production throughout the industry, and would harm the Company’s shared pursuit of providing customers with high quality products at accessible prices."

The company claimed Icahn owns just 200 shares of McDonald's stock and is the majority owner of a company that "produces and supplies packaging for the pork and poultry industry." 

It added that "it's noteworthy that Mr. Icahn has not publicly called on Viskase to adopt commitments similar to those of McDonald’s 2012 commitment."

Icahn told the Journal earlier this month that "animals are one of the things I feel really emotional about," adding that he feels particularly affectionate toward pigs.

McDonald's goes on defensive as Carl Icahn escalates pig welfare fight

The activist investor is asking McDonald's to prioritize an issue other than profit.

Photo: Paul J. Richards/AFP via Getty Images

Carl Icahn

McDonald&#x27;s didn&#x27;t pull punches after activist investor Carl Icahn launched a proxy fight over the weekend to pressure the fast-food giant over the treatment of pigs used in its pork products.Why it matters: Icahn, who has become known for aggressive activist campaigns targeting companies he views as inefficient, is asking McDonald&#x27;s to prioritize an issue other than profit.

Russian Foreign Minister Sergei Lavrov said Thursday that Moscow wouldn't stop hitting Ukraine's military infrastructure as a precondition to peace talks.

The big picture: Lavrov said Russia had submitted demands to Ukraine's delegation but added it would see out the war until "the end," per Reuters.

Lavrov accused NATO of seeking to maintain military supremacy over Russia and said Moscow will insist on provisions that would prevent Ukraine from becoming a military threat, per AP.

He also claimed that Russia had no intentions of starting a nuclear war, despite provocative messaging from the Kremlin over the past week.

What he's saying: "We are ready to conduct talks, but we will continue the operation because we won’t allow Ukraine to preserve a military infrastructure that threatens Russia," Lavrov said, per AP.

"The thought of nuclear is constantly spinning in the heads of Western politicians but not in the heads of Russians," he added, according to a translation from Reuters. "I assure you that we will not allow any kind of provocation to unbalance us."

Lavrov also acknowledged a toll on Ukrainian civilians, saying "any military action is fraught with casualties, and not just among the military but also civilians."

Editor's note: This article has been updated with an additional quote from Lavrov.

Russia says it won't stop targeting Ukraine to continue peace talks

Lavrov said Russia would see out the war until "the end."

Russian Foreign Minister Sergei Lavrov. Photo: Shamil Zhumatov/AFP via Getty Imagegs

Russian invasion of Ukraine

Russian Foreign Minister Sergei Lavrov said Thursday that Moscow wouldn&#x27;t stop hitting Ukraine&#x27;s military infrastructure as a precondition to peace talks.The big picture: Lavrov said Russia had submitted demands to Ukraine&#x27;s delegation but added it would see out the war until &quot;the end,&quot; per <a class="gtmContentClick" data-vars-link-text="Reuters" data-vars-click-url="https://www.reuters.com/world/europe/russias-lavrov-no-doubt-that-solution-ukraine-crisis-will-be-found-2022-03-03/" data-vars-content-id="d58f9dab-184f-4e32-90bd-a888aa62f697" data-vars-headline="Russia says it won&#x27;t stop targeting Ukraine to continue peace talks" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.reuters.com/world/europe/russias-lavrov-no-doubt-that-solution-ukraine-crisis-will-be-found-2022-03-03/" target="_blank">Reuters</a>.

China is becoming the most formidable rival America has faced, and the risk of confrontation with Russia, North Korea or Iran still looms. Authoritarians are rising, the chaotic Afghanistan exit revealed the limits of U.S. power, and the pandemic, climate change and other critical challenges continue to pose grave threats.

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Stories

Judge rejects Musk's bid to end 2018 SEC settlement

Russia says it won't stop targeting Ukraine to continue peace talks

McDonald's goes on defensive as Carl Icahn escalates pig welfare fight

Pelosi buckles, pushes stock-trading ban

Biden backs filibuster changes to pass voting rights bill