As she nears retirement, House Speaker Nancy Pelosi (D-CA) has come under fire for defending possible insider trading in Congress, which many consider to be the likely source of her considerable wealth.
Even the far-left Washington Post is criticizing Pelosi’s recent, cynical defense of lawmakers who trade individual stocks.
WaPo criticizes Pelosi
Breaking with some in her party — and offending the sensibilities of the Jeff Bezos-owned Post — Pelosi argued last week that lawmakers should be allowed to trade individual stocks, despite having access to confidential, non-public information.
The progressive Democrat, who often poses as a socialist, made clear she is an unabashed “free market” capitalist when it comes to her personal fortune.
“We’re a free-market economy. They should be able to participate in that,” Pelosi said of members of Congress and their spouses.
In a recent editorial, the Post took aim at Pelosi’s comments, saying they reflect a culture of corruption in Washington, D.C.
“There’s a big catch to Ms. Pelosi’s ‘free-market economy’ claim: U.S. representatives and senators have access to a lot of confidential, nonpublic information. That gives them an unfair advantage in trading,” the paper wrote.
The STOCK Act
The Post noted that the Stop Trading on Congressional Knowledge Act, or “STOCK Act,” has been largely toothless about preventing insider trading in Congress since it was enacted almost a decade ago. At the time, Pelosi was fending off a scandal about her husband’s trades in Visa stock, as CBS News reported.
Many speculate that Pelosi amassed her multi-million-dollar fortune — or more technically that of her prolific trader husband — through privileged stock tips. But insider trading is a crime for the average citizen, and it has been “extremely difficult” to hold lawmakers accountable when they do the same, the Post wrote.
“She should have advocated for tighter scrutiny on congressional trading. Even better would be a full ban on individual stock trades for members of Congress,” the liberal outlet argued.
No doubt there is a double standard — but then again, Pelosi doesn’t have to wear a mask either when she goes to one of her ritzy fundraisers, and it doesn’t seem the Post is too bothered by that.
The idea that the newspaper owned by the CEO of Amazon is serious about tackling corruption among the urban, political elite is kind of a joke. This appears to be a case of the Democratic Party pretending to be virtuous with milquetoast criticism of itself.