(Republican Party News) – Despite the fact there is a growing populist grassroots movement that is currently working to ban members of Congress from being able to trade stocks, a movement that has started to gain traction with both parties, Democratic Speaker of the House Nancy Pelosi, who might be the most prolific Congressional trader ever, stated just two weeks ago that lawmakers should have the right to make trades while they are serving in public office.
“We’re a free market economy,” Pelosi went on to tell reporters during a news conference. “They should be able to participate in that.”
According to the folks at Infowars, “Pelosi’s statement came days after progressive New Yorker, Alexandria Ocasio-Cortez, reiterated her support for banning lawmakers from the practice. Ocasio-Cortez and other members of Congress argue that lawmakers have access to information the public is not privy to and the ability to write and pass policy, they should abstain from buying and selling individual stock and other assets. She and other lawmakers support members of Congress investing in index funds.”
“I choose not to hold any so I can remain impartial about policy making,” Ocasio-Cortez stated in a post on Instagram.
Speaker Pelosi’s statement came after several scandals exploded featuring federal lawmakers, Fed and government officials making possible suspect trades during the coronavirus pandemic.
“Currently, Senator Richard Burr (R-N.C.), is under investigation by the Securities and Exchange Commission for trades he made in the early days of the pandemic (Burr has said all of his trades were based on news reports, not non-public information), and other lawmakers were investigated by the Department of Justice for their trades,” the report revealed.
This isn’t just limited to Congress either it seems. Back in October, the Fed announced that it would now be banning officials from owning individual stocks and bonds after two officials, Dallas Fed president Robert Kaplan and Boston Fed president Eric Rosengren, stepped down from their posts after allegations of insider trading emerged.
“Members of Congress are theoretically barred from trading on nonpublic information thanks to the Stop Trading on Congressional Knowledge, or STOCK, Act, and during the press conference, Pelosi noted that lawmakers need to follow that law. “If people aren’t reporting [stock trades], they should be,” she went on to say.
“We mention all of this because according to the latest Periodic Transaction Report (screenshot here) covering Nancy Pelosi’s latest trades, the California Democrat purchased millions worth of call options in companies from Alphabet, to Micron, to Roblox, Salesforce and Walt Disney. Unfortunately, the strike price of the options was not disclosed, although with maturities well into 2022 and in some cases 2023, this appears to be a long-term levered bet,” the report stated.
And while there is a current presumption that Pelosi didn’t make trades based on inside information, a gut feeling seems to indicate she’ll make a lot of cash off them nonetheless.
This report shared a tweet that shows Pelosi facing down questions concerning her stock trades, and boy, does she ever get up in a tizzy.
REPORTER: "Should members of congress and their spouses be banned from trading individual stocks while serving in congress?"
PELOSI: "No…We are a free market economy. They should be able to participate in that." pic.twitter.com/2SNqSCwFEU
— Townhall.com (@townhallcom) December 15, 2021
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