AOC rejected Nancy Pelosi’s stance against Congress’ ban on stock trading: “We are writing major policy and have access to sensitive information”

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  • AOC pushed back Pelosi after rejecting the idea of ​​banning members of Congress from owning shares.
  • AOC says it should be banned because members “write major policy and have access to sensitive information.”

Democratic Representative Alexandria Ocasio-Cortez pushed back against House Speaker Nancy Pelosi’s rejection of a ban on members of Congress from trading and holding individual stocks while in office.

In one series of tweets Friday night, Ocasio-Cortez reiterated its prior opposition to members negotiating individual stocks during their tenure, writing that the practice is inappropriate when members “write major policy and have access to sensitive information”.

Earlier this week, Insider’s “Conflicted Congress” investigation identified the myriad of ways in which members of the United States House and Senate have undermined their own ethical standards, circumvented the consequences and, as reported Dave Levinthal of Insider, have blinded Americans to the many times when lawmakers’ personal finances conflict with their public duties.

The survey found that 15 lawmakers charged with shaping U.S. defense policy are actively investing in military contractors, more than a dozen environmentally conscious Democrats are investing in fossil fuel companies or other companies with worrying environmental record, and many members regularly scold “the media” but personally pour their money into at least one of the country’s largest news or social media companies, including Facebook, Twitter, Comcast, Disney and the New York Times Co.

Ocasio-Cortez highlighted other ways members could still invest without encountering conflicts of interest, including savings plans or index funds. Ocasio-Cortez has previously co-sponsored a bill to ban the practice, while several members of Congress have touted “blind trusts” as another way to avoid ethical dilemmas.

The New York lawmaker continued by link congressional stock transactions to the question inadequate compensation for members of Congress, writing that they will vote against increasing member and staff salaries in the name of “fiscal responsibility” only to “compensate by engaging in this highly questionable trade”.

“It incites this bad behavior,” she added.

While members of Congress aren’t exactly short – Senators and House members earn at least $ 174,000 a year – Ocasio-Cortez pointed out that the job comes with one-time charges as well.

“Many do not know that you have to pay 2 rents”, she said. wrote. She went on to say that members of Congress “trade stocks to compensate” are not paid enough to do the job without engaging in ethically questionable practices.

This same logic also applies to senior congressional staff, who are often privy to the same sensitive and privileged information as their bosses. Earlier this year, Insider examined the issue of insufficient compensation for congressional staff members, including the number of people being forced to take second jobs to compensate.

This all follows Insider’s five-month investigation into “Conflicting Congress,” which found dozens of members of Congress violated the insider trading prevention law known as ” Stop Trading on Congressional Knowledge “(STOCK) Act. , which requires the timely disclosure of such stock transactions.

Insider also found that at least 182 senior congressional officials had violated the law. And just this week, Insider identified 2 other Democrats in Congress who did not properly follow the STOCK law.

“It cannot be an advantage of the work”

President Pelosi at her weekly press conference on December 15.Chip Somodevilla / Getty Images

Pelosi made headlines on Wednesday after The insider asked him whether she would support a ban on members of Congress and their spouses from trading individual stocks while serving in Congress.

“We are a market economy. They should be able to participate,” she replied, dismissing the idea. She also said she had not heard of Insider’s investigation.

Pelosi’s husband, investor Paul Pelosi, frequently trades a significant number of shares. Given her husband’s assets, Pelosi ranks among the wealthiest members of Congress, according to an Insider analysis.

“The speaker does not own any shares,” spokesman Drew Hamill told Insider on Wednesday. “As you can see from the required disclosures, with which the speaker fully cooperates, these transactions are marked ‘SP’ for spouse. The speaker has no prior knowledge or subsequent involvement in any transaction.”

In addition to Ocasio-Cortez, Pelosi’s remarks angered several members of his own caucus. Representative Andy Kim of New Jersey said he disagreed “strongly” with the speaker, writing that “we have to show that we are serving the people, not our personal / political interest”. Rep. Abigail Spanberger from Virginia noted that “it cannot be an advantage of the work for Members to exchange on access to information”.

Another member of the Ocasio-Cortez “squad”, Representative Jamaal Bowman from New York, noted that members holding shares “fuel corporate interests” at convention.

Senator Elizabeth Warren of Massachusetts, who has also introduced bills to ban members of Congress from trading in stocks, told Insider on Tuesday that “the American people should never have to guess whether an elected official is advancing a question or vote on an invoice based on what is good for the country or what is good for their own personal financial interests.



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