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US House votes to impeach Trump


According to Market Intelligence, December 2022


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US House votes to impeach Trump

The U.S. House of Representatives voted to impeach President Donald Trump on two counts, making him the third president in the country's history to be impeached as partisan conflict roils Congress.

The House, controlled by Democratic lawmakers, voted 230-197 and 229-198 on Dec. 18 to approve impeachment charges for abuse of power and obstruction of Congress, respectively. Collin Peterson, D-Minn., and Jeff Van Drew, D-N.J., voted against impeaching Trump on the abuse of power count, while former Republican Justin Amash, I-Mich., voted in favor with the rest of the Democrats.

On the obstruction count, Amash and 228 Democrats voted in favor of impeaching Trump, while Peterson, Van Drew and Jared Golden, D-Maine, voted against with all of the Republicans in the chamber.

The Republican-controlled Senate will then act as a jury to acquit Trump of the charges or convict him and remove him from office. No Republican senators have expressed an inclination to convict and remove Trump, so a conviction is unlikely.

Both counts are connected to claims that Trump invited the government of Ukraine to investigate former vice president and 2020 White House aspirant Joe Biden and his son Hunter in exchange for the release of aid from the U.S. military and Department of State that had been approved by Congress.

The White House criticized the House vote, adding in a tweet that Trump "is confident the Senate will restore regular order, fairness, and due process."

House Speaker Nancy Pelosi, D-Calif., meanwhile, said following the vote that she will not immediately name managers who will act as prosecutors in the Senate impeachment trial.

"We cannot name managers until we see what the process is on the Senate side, and I would hope that that would be soon," Pelosi said, adding: "Hopefully it will be fair."

Market reaction to the impeachment was muted, with the U.S. Dollar Index and futures for the S&P 500 barely moving before and after the procedure.