Nancy Pelosi has not only in the past supported members of Congress having the ability to trade stocks, but has greatly profited from the corrupt practice herself.
Suddenly the speaker of the house has caved and decided that she supports a ban on congressional stock trading. Nancy and her husband over the years have made millions upon millions of dollars from “lucky” trading.
Axios reported, 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.
When previously asked, Pelosi argued that America is a “free market economy” and that members of congress should be able to participate in it just the same. Members of Congress, however, are not normal citizens. They are public servants with a duty to act on the will of their constituents without conflicts of interest.
A sitting lawmaker holding stock serves as a significant conflict of interest; causing the individual to vote for the betterment of their stock portfolio rather than their constituents.
Legislators also know information that will affect stock prices before the public. These individuals create laws that directly impact major companies thus changing stock prices. When a person has this information and uses it to their advantage in the market, they are called an “inside trader”.
Inside trading is incredibly illegal but seems to be quite common within congress. Pelosi seems to be the most prolific, but the issue is not unique to the Democrat party. The corruption has infected both parties to an extent.
Kevin McCarthy has indicated that if not already taken care of, the stock issue would be a priority when Republicans take back the House.
