I don’t know what’s worse, Nancy Pelosi claiming we’re a free market economy when she works to make us a socialist economy or her family raking in millions in probable insider trading of stocks available through the free market. Want to know how politicians get rich while in office? That way. That’s why this move by McCarthy and even some Democrats has Pelosi apoplectic.
FNC: “House Minority Leader Kevin McCarthy is considering limiting or prohibiting members of Congress from trading individual stocks while in elective office if Republicans win the majority in November, a source familiar with the matter told FOX Business.
The plan, first reported by Punchbowl News, puts McCarthy, R-Calif., directly at odds with House Speaker Nancy Pelosi, D-Calif., who has defended the practice – even though critics say it gives lawmakers the chance to profit off inside information gleaned through their official duties. Pelosi is worth an estimated $114 million, according to her 2018 personal financial disclosure, making her the sixth-richest member of the House and the 10th richest member of Congress, according to data tracked by the Center for Responsive Politics.”
“We are a free market economy. They should be able to participate in that,” Pelosi told reporters on Dec. 15. Pelosi does not own any stock herself, but her husband holds tens of millions of dollars worth of stocks and options in companies like Apple, Disney, Amazon and Google.”
REPORTER: "Should members of congress and their spouses be banned from trading individual stocks while serving in congress?"
PELOSI: "No…We are a free market economy. They should be able to participate in that." pic.twitter.com/2SNqSCwFEU
— Townhall.com (@townhallcom) December 15, 2021
Bur the former director of the Office of Government Ethics, under Obama no less, thinks she is dead wrong. “What a disgusting comment,” Walter Shaub told press. “This is the opposite of government ethics.”
“Nobody kidnapped these members of Congress when they were private citizens, dragged them to Washington and forced them to be in Congress,” Shaub added. “The American people are sick of members of Congress buying and selling stock and creating the appearance of trading on insider information. They should absolutely be banned from trading stocks,” he concluded. “Let them buy diversified mutual funds. Let them buy government bonds. But bar them from trading stocks for crying out loud.”
Even AOC wants it ended. “It is absolutely ludicrous that members of Congress can hold and trade individual stock while in office,” Ocasio-Cortez tweeted. “The access and influence we have should be exercised for the public interest, not our profit. It shouldn’t be legal for us to trade individual stock with the info we have.”
This piece was written by David Kamioner on January 13, 2022. It originally appeared in DrewBerquist.com and is used by permission.
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