Pelosi Rejects Stock-Trading Ban For Members of Congress

An anonymous reader quotes a report from Insider: House Speaker Nancy Pelosi on Wednesday rejected the idea of barring members of Congress and their spouses from holding or trading individual stocks while in office. "We are a free-market economy. They should be able to participate in that," Pelosi said when asked by Insider at her weekly press conference. Insider also asked Pelosi about Conflicted Congress, a five-month-long investigation by Insider that found that 49 members of Congress and 182 senior congressional staffers had violated the STOCK Act, a law to prevent Insider trading. The speaker said she hadn't yet seen the project, but added that it's important that members comply with the law. "If people aren't reporting, they should be," she said. Pelosi's position put her at odds with progressives such as Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez, both of whom have called for barring members of Congress from trading stocks while in office. Earlier this year, NPR found that TikTok users have been watching financial disclosures of sitting members of Congress to help them determine which stocks to invest in. House Speaker Nancy Pelosi's stock trading disclosures in particular were "a treasure trove," according to some TikTok users. "Shout out to Nancy Pelosi, the stock market's biggest whale," said user 'ceowatchlist.' Another said, "I've come to the conclusion that Nancy Pelosi is a psychic," while adding that she is the "queen of investing." "She knew," declared Chris Josephs, analyzing a particular trade in Pelosi's financial disclosures. "And you would have known if you had followed her portfolio." The report notes that the trades Josephs noticed were actually made by Pelosi's investor husband.

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