Nancy Pelosi’s family has gotten rich off the stock market, but now, she’s ready to pull the plug on allowing her other colleagues in Congress from doing the same.
Pelosi, the speaker of the House, recently said she would support a proposal that would effectively prohibit members of Congress from trading individual stocks. It’s a measure that she has stayed relatively quiet on in the past, but now she’s stepping forward in what could be her last few months in Congress.
Since the financial crisis more than a decade ago in 2008, Pelosi’s net worth has skyrocketed $140 million. A lot of that has come from stock trades that her husband made in companies that Pelosi herself helped to subsidize through various measures in the House.
Just last December, Pelosi almost laughed at such a proposal as she’s backing now. At the time, she said that all members of Congress should be allowed to participate in America’s free market economy just as any other citizen can. She even rejected similar proposals in the past.
Now, though, she is fully supporting a new measure that would ban all Congress members as well as senior officials in the federal government from trading individual stocks.
The new bill being proposed by Democratic leaders in the House is called the Combating Financial Conflicts of Interest in Government Act. It was introduced last week, though it didn’t come forward for a full vote in the House before the adjournment of the lower chamber for the upcoming midterm elections.
To this point, Pelosi has denied any wrongdoing or unethical tactics in her husband’s stock trades. Back in March, Paul Pelosi exercised options he had to purchase as much as $5 million in Tesla stock. That happened when the House Speaker was pushing for subsidies for electric vehicle manufacturers.
Three months later, Paul Pelosi exercised additional call options he had to purchase up to $5 million in stock with Nvidia, a company that manufactures graphics cards. That came only a few weeks before Pelosi’s House members considered a proposal that included $50 billion worth of subsidies to manufacturers of semiconductor chips in the U.S., which includes Nvidia.
Two years ago, Pelosi said she would step down from her position as Speaker of the House at the end of 2022, which marks the completion of her fourth term in the position. In January of this year, she announced her re-election bid.
But, there’s much speculation that if Republicans are able to regain control of the House following next month’s midterm elections, Pelosi might just choose to step down rather than continue on in what would be the minority party.
Even some of Pelosi’s own Democratic colleagues in the House are seeing right through her shenanigans. Progressive Representative Abigail Spanberger from Virginia, for instance, said that the leadership in the Democratic Party only introduced this bill because they ultimately knew it wouldn’t pass.
In a statement she released last week, Spanberger said:
“[The bill] was written to create confusion surrounding reform efforts and complicate a straightforward reform priority, all while creating the appearance that House Leadership wanted to take action.”