House Speaker Nancy Pelosi (D-CA) raised some eyebrows across the ideological spectrum earlier this month when she defended individual stock trades by members of Congress.
Now, a bombshell report offers some insight into why she might take such a position, revealing that she and her husband purchased hundreds of thousands of dollars worth of stock call options for multiple tech companies.
“This is a free market”
As the Daily Wire explained, a reporter asked Pelosi on Dec. 15 if she believed lawmakers and their spouses should “be banned from trading individual stocks” while in office.
The speaker dismissed any such proposal, insisting that “this is a free market” and elected officials “should be able to participate in that.”
Days after she made those remarks, the New York Post revealed that Pelosi and her husband, Paul, engaged in extensive stock market transactions.
Paul Pelosi’s consulting firm has reportedly bet on companies including Amazon and Apple, which the Post noted “his wife is supposed to regulate.”
Journalist Glenn Greenwald was among the progressive pundits to express outrage, tweeting: “House Speaker Nancy Pelosi once again trying her ‘luck’ in the stock market, this time with millions in call options in Google, Roblox and Disney.”
“Not what you were all elected to do”
Greenwald went on to cite Pelosi’s prior “stock success” in concluding that it would not be smart to “bet against one of the richest politicians in the world.”
In a similarly scathing statement by Citizens for Responsibility and Ethics in Washington, the left-leaning organization declared: “No, Speaker Pelosi, members of Congress should not be allowed to trade stocks while in office. Trading stocks while writing regulations that could influence stock value and receiving non-public information is not what you were all elected to do.”
Rep. Alexandria Ocasio-Cortez (D-NY), who has clashed with Pelosi in the past, once again offered a statement of disapproval.
In a tweet, she declared that there is “no reason members of Congress should hold and trade individual stock when we write major policy and have access to sensitive information.”
As for the extent to which she and her colleagues should dabble in the stock market, Ocasio-Cortez recommended that they stick to “thrift savings plans or index funds.”