(JustPatriots.com)- In December after far-Left lawmakers renewed their call for legislation barring members of Congress from trading in individual stocks, Speaker of the House Nancy Pelosi, whose husband has amassed quite a fortune in the markets, dismissed the idea arguing that lawmakers should be able to participate in the free-market economy.
In 2012, Congress passed the STOCK Act which requires all lawmakers to disclose any stock purchases or sales within 45 days. But amid the rampant violations of the STOCK Act, progressive lawmakers have once again argued that it was time to ban the trading of individual stocks from members of Congress.
Pelosi’s financial disclosure filed before the kerfuffle began afresh showed that her husband holds stock in Apple and Amazon that are each worth between $5 million and $25 million. Other assets reported in that disclosure include stock options held in Google’s parent company worth between $1 million and $5 million, Comcast stock worth between $1 million and $5 million, and stock in Visa worth between $5 million and $25 million.
In her most recent disclosure filed last week, Pelosi’s husband purchased between $1.75 and $3.6 million in call options. The largest purchases were for Google’s parent company (between $500K and $1 million) and Salesforce (between $600K and $1.25 million).
Pelosi’s husband Paul runs the venture capital and investment firm Financial Leasing Service, Inc. Over the years he’s made big bets on the very high-profile companies his wife is supposed to regulate, including Amazon, Apple, and Google.
The Speaker has maintained that she has no personal involvement in or prior knowledge of Paul’s trading decisions and she does not own any stock herself.
But to believe that Pelosi’s inside knowledge in no way influences her husband’s decisions beggar’s belief. And while she may not personally make the trading decisions, it is impossible to believe her position in the House does not play a part in her husband’s amazing luck in making oodles of money.
Concerns over congressional stock trading reached a fever pitch during the pandemic when several lawmakers made suspiciously-timed stock trades related to COVID-19. To date, nobody has been charged in connection to the stock trading investigation launched by the Justice Department and the Securities Exchange Commission.
In the nearly 10 years since the STOCK Act was enacted, not one member of Congress has been prosecuted under the law.