Nancy Pelosi is a product of the “Swamp” in Washington, D.C. The long-time political insider has spent decades enriching herself.
And this Republican just slapped Nancy Pelosi with a massive defeat.
Former House Speaker Nancy Pelosi’s career in public service has paid off handsomely (D-CA).
She’s been a fixture in Congress for decades, and her work has paid off handsomely for the Pelosi family.
Rep. Pelosi and her husband, Paul, have made a career out of making perfectly timed stock trades in firms that Congress is regulating before the information becomes public.
Pelosi recently sold 30,000 shares of Alphabet, Google’s parent company, only one month before the Biden Department of Justice launched an antitrust probe into the firm.
The Pelosi’s have been accused of using the Congresswoman’s political power to make well-timed stock trades that have increased the couple’s net worth to approximately $115 million.
The tremendous regulatory power of Congress gives politicians an advantage in the stock market.
Bipartisan support is increasing in Congress for a ban on Members and their families trading individual equities in order to prevent them from profiting financially from their political position.
Despite bipartisan support for the prohibition, the legislation never had a chance to pass in the House under Speaker Pelosi’s authority.
She initially opposed the law, but changed her mind after her husband was caught in yet another well-timed stock deal that netted the couple a sizable profit.
Senator Josh Hawley (R-MO) is introducing another bill to prohibit Members of Congress and their spouses from trading stocks, aimed squarely at Rep. Nancy Pelosi.
The Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act was sponsored by the Missouri Senator.
The PELOSI Act would make it illegal for members of Congress and their families to buy, acquire, or sell stocks while in office.
Members of Congress would have six months to sell their individual equities or transfer them to a blind trust that would give another party control over their contributions.
Members or their spouses who violate the legislation risk forfeiting any stock earnings and being penalized by a Congressional Committee.
The measure would require the Government Accountability Office to conduct compliance audits on members of Congress.
“While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hard working Americans pay the price,” Hawley said. “The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”
Senator Hawley accused lawmakers of writing rules for their own profit rather than the welfare of the American people.
Despite some members of Congress’ criticism, the law is extremely popular among voters.
According to a recent Trafalgar Group study, 76% of Americans believe Congress has a “unfair advantage” in the stock market, and 95% oppose Members trading individual stocks.
Nancy Pelosi’s days of enriching her family with her political position may be coming to an end.
Stay tuned to Prudent Politics.
