[ad_1]
House Speaker Nancy Pelosi defended Congressional lawmakers and their spouses owning and trading individual stocks in a press conference Wednesday even amid rampant violations of the STOCK Act which is supposed to reign in lawmakers’ trades.
Pelosi was asked whether lawmakers or their spouses should be banned from making individual stock trades amid concerns they have access to insider information. When asked whether the opportunity to profit on trades could create a conflict of interest, the speaker flatly said “no” she wouldn’t support any sort of ban.
“We’re a free-market economy,” Pelosi told reporters. “They [members of Congress] should be able to participate in that.”
Pelosi added people need to abide by disclosure rules, “If people aren’t reporting [stock trades], they should be.”
Still, Pelosi’s reaction was seen as flippant given the rash of stock trade violations.
Pelosi is one of the wealthiest members of Congress, Insider reported. Pelosi’s husband, Paul Pelosi, is a wealthy businessman who runs a Venture Capital and Investment firm Financial Leasing Services, Inc.
Over the years he’s made countless bets on high-profile companies his wife is supposed to regulate like Amazon, Apple, and Google.
Pelosi’s position contradicts sharply with the position of most progressives including Rep. Alexandria Ocasio-Cortez of New York and Sen. Elizabeth Warren of Massachusetts. In the past month both lawmakers have slammed the idea of members of Congress trading stocks as “brazen” and “ludicrous.”
[ad_2]