- Feb 16, 2016
- Reaction score
- North Carolina
‘We’re a Free Market’:
Nancy Pelosi Rejects Ban on Lawmakers, Spouses Trading Individual Stocks
House Speaker Nancy Pelosi said members of Congress and their spouses should not be barred from trading individual stocks.
House Speaker Nancy Pelosi said members of Congress and their spouses should not be barred from trading individual stocks as part of the STOCK Act, citing a “free market economy.”
During a press briefing on Wednesday, in response to a report from Insider showing that 49 members of Congress (Democrats and Republicans) have failed to disclose their transactions in accordance with Stop Trading on Congressional Knowledge (STOCK) Act of 2012, Pelosi was asked if members of Congress and their spouses should be banned from trading individual stocks, thereby preventing insider trading.
“We’re a free-market economy,” Pelosi explained. “They should be able to participate in that.”
Pelosi did note that members of Congress should be revealing their stock transactions, which would show possible insider trading:
As noted by Insider, the STOCK Act of 2012, legislation Andrew Breitbart heavily backed, was designed to combat possible insider trading and conflicts of interests among members of Congress, forcing “lawmakers to be more transparent about their personal financial dealings”:
Lawmakers who violate the STOCK Act could be fined up to $200, a small penalty that has led several ethics watchdog groups to call for harsher penalties or an all-out ban on lawmakers from trading stocks – a practice by which Nancy Pelosi and her husband, Paul, have become considerably wealthy. This year, for instance, weeks prior to the House Judiciary Committee’s vote on the antitrust legislation aimed at some major Big Tech companies, Paul Pelosi began “exercising call options to acquire 4,000 shares of Alphabet, the parent company of Google, at a strike price of $1,200,” according to Bloomberg. The trade netted Pelosi a $4.8 million gain.
Sorrowfully, Politcians once elected to public office become avaricious and money hungry seeking the funds of Lobbyists and using insider trading to line their pockets..
Prime examples are Nancy Pelosi, Diane Feinstein, Chuck Schumer and other Democrats that have used insider trading to fill their pockets.