No Duh: Federal Lawmakers Shouldn’t Be Allowed To Buy And Sell Stocks

The reason lawmakers shouldn’t be Trading stocks is simple: They’re often privy to inside information that could amount to inside trading.

Nancy Pelosi, former House Speaker, and her husband have made millions in the years since she assumed office. The couple just sold Alphabet stock worth more than $1.5million last month. Guess what? The Department of Justice filed an antitrust suit against the tech company this month.

Coincidence?

The Daily Caller reports that the Pelosis sold 30,000 shares Alphabet on December 20, 21 and 28. reported. According to Pelosi’s financial disclosure form, the pair was paid between $1.5m and $3m for the entire sale. On Tuesday, Alphabet was sued by the DOJ.

Between 2007 and 2020, Pelosi and her husband saw their stock portfolio’s worth soar as much as $30 million. Paul Pelosi’s net worth is said to be more than $120 million, mostly due to his holdings in technology stocks.

Nancy and Paul Pelosi (he of the famous mugshot following his drunken driving arrest) just seem to have an eye for making well-timed trades. Just before the passage of a bill that would have subsidized the American semiconductor sector with $280 billion, the couple purchased and sold millions of Nvidia stock. Huh. It’s a great coincidence.

It’s not surprising that the former speaker opposed any legislation banning stock trading for federal legislators. And she’s had lots of support; plenty of other members of Congress have become millionaires, even though they make just $180,000 a year.

A Report Business Insider reported this month that there were 49 members of Congress, and 182 high-ranking congressional staffers. “violated the so-called STOCK Act, which requires public disclosure by themselves and family members within 45 days of sales or purchases of individual stocks, bonds and commodity futures.”

What is the punishment for violating this act? It was created a decade ago in order to combat insider trading. $200. Sometimes, the Senate or House ethics committees will waive the fine.

One Republican lawmaker has a solution, and he’s dubbed it the “PELOSI Act” — “Preventing Elected Leaders from Owning Securities and Investments.”

Sen. Josh Hawley (R-MO) wants to ban lawmakers — and their spouses — from owning and trading stocks while holding office.

“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” Hawley stated in a Statement.

“As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again,” He stated.

“While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price,” The senator spoke.

The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

Joseph Curl has been covering politics for 35+ years, 12 of which were as a White House correspondent for a national paper. He was also the Drudge Report’s morning editor for four years. Send tips to [email protected] Follow him @josephcurl on Twitter