Recently, Congress was shaken up when Insider exposed its dirty little secret. Nearly 50 congress members and 182 of their top staff were outed for business connections that created a conflict of interest. These congressional workers owned stock in companies they were setting policy for, a clear violation of the STOCK Act.
Members of Congress are supposed to disclose which companies they are connected to. They are not allowed to do business or buy and sell stocks, if it could compromise their work on Capitol Hill. But the report revealed that these congress members frequently profited off of the very industries they were regulating through legislation.
Such a move should warrant serious consequences. And although they broke the law, old Nancy Pelosi doesn’t seem to care.
House Speaker Nancy Pelosi brushed off questions on Wednesday about why Members of Congress should be allowed to trade stock when a recent report found that dozens allegedly broke insider trading laws…
“Why shouldn’t they be banned?” the reporter asked.
“Because this is a free market and people – we are a free market economy,” Pelosi responded. “They should be able to participate in that.”
Pelosi’s husband, investor Paul Pelosi, reportedly trades large volumes of stocks on a regular basis, according to Business Insider. [Source: Daily Wire]
Isn’t funny how Democrats who are so eager to push socialist legislation are suddenly fans of capitalism, when it benefits them?
Pelosi completely ignored the troubling report and claimed that congress members “should be able to” get filthy, stinking rich off their insider knowledge and power over the free markets. Oh, and it just so happens that her husband has gotten rich off of stock trading. He’s even invested in businesses Pelosi has overseen while creating bills—no conflict of interest there!
Perhaps that’s why this loyal service servant is worth a reported $50 million?
The real problem is congressmen have the power to pass laws that affect major industries. They also have access to information about companies, industries, etc. that the average American doesn’t. If they are investing in companies, wouldn’t they push laws that benefit their portfolios—regardless of what these laws do for America?
Or perhaps they won’t be very eager to investigation or hold accountable companies that break the law, because they invested in them?
Or maybe congress members will dump stock, if they know an industry is about to tank. Which is what a number of lawmakers did, right before COVID wrecked our country.
There are many reasons why congress members are not allowed to invest in companies that they oversee. But they do it anyway. Who is going to stand up and hold these crooks accountable?
Author: Tom Sanderson