House Lawmakers Urged Nancy Pelosi, Kevin McCarthy in a Letter to Pass Bill on Stock Ban Among Congress Members
Incoming House Speaker Nancy Pelosi, D-CA, shakes hands with Minority Leader Kevin McCarthy during the opening session of the 116th Congress at the US Capitol in Washington, DC, January 3, 2019. - Veteran Democratic lawmaker Nancy Pelosi was elected speaker of the House Thursday for the second time in her political career, a striking comeback for the only woman ever to hold the post. SAUL LOEB/AFP via Getty Images

Twenty-seven House lawmakers have signed a letter pushing House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy to push forward legislation on the stock ban that would be imposed on Congress members.

The legislation would refrain Congress members from owning or trading stocks, according to an Axios report.

There has been a motion among lawmakers to prohibit stock trading as pressure has grown to address one of Washington's persistent financial conflicts.

The letter was signed by 25 Democrats and two Republicans.

The letter states that they understand that multiple bipartisan bills to ban Congress members from owning or trading individual stock have been prompted.

The letter added that "handwringing" over which bill to be advanced should not be an excuse for stalling a House floor vote on the matter.

The lawmakers said in their letter that the problem will not go away until it is fixed, adding that Congress should not delay when they have the power to fix it.

Congress Members Banned from Stock Trading

In early December, Rep. Alexandria Ocasio-Cortez had spoken out against the practice of lawmakers trading stocks and assets on her Instagram.

Two senators had also introduced competing bills regarding stock ban, according to a CNBC report.

However, Pelosi had spoken against the possibility of a stock ban among Congress members.

The House speaker noted that the country is a free market.

A new poll released weeks ago found that 76 percent of voters believe that lawmakers and their spouses have an "unfair advantage" in the stock market.

Conservative advocacy group Convention of States Action conducted the survey, according to a The Hill report.

Just five percent of respondents approved of members trading stocks, while 19 percent gave no opinion.

Mark Meckler, the group's president, said in a statement that the issue of a stock ban among Congress members has received a lot of attention.

Meckler added that the data confirms that the American public wants the practice to end "once and for all."

Congress Members Trading Stocks

Pelosi, whose husband is a prolific trader, has been initially against the block on lawmakers from trading stocks.

Pelosi said that lawmakers should be able to participate in that, adding that Congress members must follow federal laws that prohibit them from taking advantage of nonpublic information and require them to disclose stock trades.

Pelosi then seemed to change that view when she said during a press conference that if members want to prohibit the practice, she's fine with it.

At least 182 of Capitol Hill's most influential and highest-paid staffers have blown past deadlines to detail and disclose their personal stock trades, according to a Business Insider report in December.

The tally includes aides in both the House and the Senate with high-ranking jobs such as chiefs of staff, legislative directors, and communication directors.

Watchdog groups noted that the number of late filings is evidence of a "far-too-lax" attitude on Capitol Hill about ethics rules.

Sen. Richard Burr and others came under fire for selling securities just before the COVID pandemic impacted the market in 2020.

The Securities and Exchange Commission is currently investigating Burr's stock trades.

This article is owned by Latin Post.

Written by Mary Webber

WATCH: Nancy Pelosi scoffs at idea of banning lawmakers from owning stocks - from CNBC Television