House Speaker Nancy Pelosi doesn’t want Congress banned from trading in stocks because she regularly benefits from her and her husband’s investments.
At a press conference on Monday, the Democrat said officials and senators should do their best to comply with the reporting standards required by the Stop Trading on Congressional Knowledge Act, enacted in 2012, but rejected the suggestion. that lawmakers and their spouses should be banned from trading.
âWe are a free market economy that should be able to participate,â Pelosi said.
JOURNALIST: Should members of Congress and their wives be banned from negotiating individual stocks while in Congress? “
PELOSI: âNoâ¦ We are a free market economy. They should be able to participate. pic.twitter.com/2SNqSCwFEU
– Townhall.com (@townhallcom) December 15, 2021
Like many others in Congress, Pelosi and her husband, Paul Pelosi, a real estate investment mogul in San Francisco, poured tons of money into the stock market and profited from millions of stocks heavily invested in stocks of Big Tech such as Alphabet, the parent company of Google. . According to disclosure forms gathered in the House, Pelosi said he owns shares in Microsoft, Roblox, Netflix and recently sold shares in Facebook and Apple.
Pelosi isn’t the only congressman making money negotiating with some of the same companies that are regularly called upon to testify before his chamber committees. A recent Insider report found that 49 other lawmakers not only frequently became involved in stock transactions, but also failed to disclose their transactions under the STOCK Act in a timely manner or at all. The list is filled with Republicans and Democrats who, despite the law designed to combat insider trading and conflict of interest, “offer excuses, including ignorance of the law, clerical errors and mistakes of an accountant “to justify their lack of financial disclosures.
Several members of Congress have pushed for a trade ban, including members of the far left wing of the Democratic Party, such as Representative Alexandria Ocasio-Cortez from New York.
“It is absolutely ridiculous that members of Congress can own and trade individual stocks while in office,” she tweeted in early December. âThe access and influence we have should be in the public interest, not for our benefit. It shouldn’t be legal for us to trade individual stocks with the information we have.
It is absolutely ridiculous that members of Congress can own and trade individual stocks while in office.
The access and influence we have should be in the public interest, not for our benefit. It shouldn’t be legal for us to trade individual stocks with the information we have. https://t.co/Z3UZej2eC2
– Alexandria Ocasio-Cortez (@AOC) December 8, 2021
Senator Jeff Merkley, D-Ore., Has even gone so far as to introduce legislation that prohibits lawmakers and their assistants from trading in the stock market while in office. The bill won the support of some Republicans, including representatives. Matt gaetz from Florida and Michael Cloud from Texas, who helped introduce him to the House. But with so many lawmakers involved in the trade, including those leading Democrats like Pelosi, it’s unlikely that a total ban will ever become popular enough among members to pass without more pressure.
Jordan Boyd is a writer for The Federalist. She graduated from Baylor University where she majored in political science and minor in journalism.