Former House Speaker Nancy Pelosi (D-CA) sold $3 million in Google stock just weeks ahead of a Justice Department investigation into the company.
The move has come under scrutiny as part of Pelosi's record of trading stocks during her years as a member of Congress.
Nancy Pelosi continued her Wall Street streak by selling MILLIONS in Google stock weeks before the DOJ filed a lawsuit against the company 👀 https://t.co/6EUU1IbY2O
— Not the Bee (@Not_the_Bee) January 25, 2023
“The DOJ has officially opened up a lawsuit against Google to break up its Ad Technology Monopoly,” reported the popular Nancy Pelosi Stock Tracker Twitter account.
“Pelosi sold $3 Million dollars worth of Google just four weeks ago. Wild," it added.
The DOJ has officially opened up a lawsuit against Google to break up its Ad Technology Monopoly
Pelosi sold $3 Million dollars worth of Google just four weeks ago
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) January 25, 2023
It's not the first time that Pelosi has been involved in what could be considered insider trading efforts while in Congress.
“In March 2021, Paul Pelosi exercised options to purchase 25,000 Microsoft shares worth more than $5 million," the Hill reported.
"Less than two weeks later, the U.S. Army disclosed a $21.9 billion deal to buy augmented reality headsets from Microsoft. Shares of the company rose sharply after the deal was announced,” it added.
— The Hill (@thehill) July 24, 2022
Sen. Josh Hawley (R-MO) recently introduced the PELOSI Act that would ban lawmakers from stock trading while in office. The interestingly-named bill notes the former speaker's practices while also addressing concerns among other members of Congress.
“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 explained.
“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 added.
The bill may find some concerns in the House, but comes at a needed time as Pelosi's latest Google stock sale comes under a closer look. In the GOP-led House, the bill may finally find the momentum to move forward to help stop the ongoing practice.