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‘I trust our members’: Nancy Pelosi says insider trading issues are the responsibility of DOJ


Nancy Pelosi‘s new excuse for opposing a ban or limit on lawmaker’s stock trading activity is that she always defers to ‘trusting our members’ and claims it’s the Justice Department’s responsibility to tackle insider trading.

‘I do come down always in favor of trusting our members,’ the House Speaker said during her weekly briefing on Thursday.

‘Now if the impression that is given by some that somebody’s doing insider trading – that’s a Justice Department issue,’ she continued. ‘And that has no place in any of this.’

‘But to give a blanket attitude of we can’t do this and we can’t do that because we can’t be trusted. I just don’t buy into that. But if members want to do that, I’m OK with that.’

Pelosi has come under immense fire for last month opposing regulating lawmakers’ stock activity, especially in light of her husband Paul Pelosi, 81, purchasing and trading millions in stocks just days later.

The Democratic House leader claimed Thursday that her opposition is because she errs on the side of trusting members of Congress – specifically those within her Democratic caucus.

‘Here’s the thing – I say to my members on a regular basis when we gather in caucus… I’ve said to them: ‘Under this roof – figuratively or actually – is the greatest collection of intellect, integrity and imagination for doing the right thing for the American people.’ I have great confidence in the integrity of my members – they are remarkable,’ Pelosi said when asked about members of her own party and their various levels of trading activity.

‘So when people talk about, ‘Well somebody might do this and somebody may do –’ well, I trust my members,’ she continued.

House Speaker Nancy Pelosi said during her weekly press briefing on Thursday that the reason she is against limiting stock trading for lawmakers is because: ‘I trust my members’

‘If, in fact, we should have severe penalties for delay in reporting on stock, then do that,’ Pelosi said. ‘I’ve said to the House Administration Committee, review all the bills that are coming in and see which ones – where the support is in our caucus.’

Just as Pelosi pushed back on the idea that lawmakers should not be able to make individual stock trades while in office last month, her husband bought shares in Google’s parent company Alphabet, Disney and Salesforce worth millions.

‘We’re a free market economy,’ Pelosi told reporters during a news conference on December 15, 2021. ‘They [lawmakers] should be able to participate in that.’

Two days later, Paul Pelosi bought stock in Alphabet worth between $500,001 and $1 million. He also bought shares in Disney worth between $100,001 and $250,000.

Three days after that on Dec. 20, he made two separate purchases in Salesforce – one worth between $100,001 and $250,000 and another between $500,001 and $1 million, and one purchase of Roblox worth between $250,001 and $500,000.

On December 21, he purchased stock in Micron Technology worth between $250,001 and $500,000 and on Dec. 22, there was a purchase of Reoff XX worth $50,001-$100,000.

Over the course of five days, Paul Pelosi purchased stock worth anywhere between $1,750,007 and $3,600,000.

Paul Pelosi has proven himself a prolific stock trader, so much so that social investing app Iris allows users to track their trades and be notified every time he makes a purchase so that they can do the same.

Just days after Pelosi (left) came out against such regulations last month, it was revealed that her husband Paul (right) traded millions of dollars in tech stocks. The Pelosi's pose outside Downing Street in London on September 16, 2021 during a trip there to meet with Boris Johnson

Just days after Pelosi (left) came out against such regulations last month, it was revealed that her husband Paul (right) traded millions of dollars in tech stocks. The Pelosi’s pose outside Downing Street in London on September 16, 2021 during a trip there to meet with Boris Johnson

Pelosi's periodic transaction report reveals her family is making millions of dollars while she's in Congress

Pelosi’s periodic transaction report reveals her family is making millions of dollars while she’s in Congress

Some members of Congress are getting ready to propose legislation that would limit stock activity of not only lawmakers, but their spouses and family members.

House Minority Leader Kevin McCarthy has signaled he is considering limiting or fully banning lawmakers’ from engaging in the markets should Republicans take back a majority in the 2022 midterms.

The push for a ban on trading and holding stocks has escalated in recent months after concerns came up regarding a slew of market activity from lawmakers following an early 2020 briefing on the threat of COVID-19 before the public was privy to that information.

The accusations prompted Justice Department investigations into the financial activity of Senators Dianne Feinstein, James Inhofe and Richard Burr, as well as former Senator Kelly Loeffler. All four probes have since been closed and none of the lawmakers who engaged in stock activity following that briefing have been charged with any wrongdoing.

Currently under the 2012 Stop Trading on Congressional Knowledge Act (STOCK Act) lawmakers and their aides are prohibited from using non-public information for private profit, including trade and holding stock. It also requires them to publicly disclose stock and bond transactions within 45 days.

Otherwise, there are few guardrails in place on Congress’ private dollars.

The new proposals would further restrict trading and holding individual stocks, especially as representatives and senators often hear sensitive or confidential information regarding U.S. policy that could impact the markets.

One proposal Republicans are considering, according to McCarthy, include banning lawmakers from holding stock in companies or industries in which their respective committees oversee.

House Minority Leader Kevin McCarthy says he is considering legislation that would limit or ban lawmakers' stock activity if Republicans retake the majority in the 2022 midterms

Georgia Senator Jon Ossoff, 34, is one of 10 lawmakers to put their financial assets in a blind trust. He is considering a bill that would ban individual trading of lawmakers and their families during a congressional term

Many lawmakers have already voiced their support of some sort of limit on trading while a member of Congress. House Minority Leader Kevin McCarthy (left) is considering legislation that would limit or ban lawmakers’ stock activity if Republicans retake the majority in the 2022 midterms and Georgia Senator Jon Ossoff is considering proposing a bill that would ban individual trading of lawmakers and their families during a congressional term

Some lawmakers have pushed for mandatory blind trusts for all members’ holdings.

Freshman Democratic Senator Jon Ossoff, 34, is also reportedly looking into proposals that would ban members and their families from participating in the stock market for the duration of their congressional term.

A similar bill to Ossoff’s was introduced in the Senate in March, the Ban Conflicted Trading Act. However, its trading ban only extends to members of Congress and their staff, excluding Ossoff’s limits on spouses and other family members.

Ossoff, the youngest sitting member of the Senate, is likely to face powerful opposition within his own party, especially after Pelosi spoke out against the measure. His bill would also specifically affect her husband’s prolific trading activity.



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