September 29, 2022

Nancy Pelosi gets blasted by former Obama official for attempting to defend unethical stock trading

Lawmakers in Washington, D.C., are able to exert tremendous power over financial conditions and the economy. So then why are they allowed to trade stocks?

House Speaker Nancy Pelosi caused quite a stir Wednesday when she defended her right to participate in the stock market, the Post Millennial reported. Walter Shaub, ethics chief under former President Barack Obama, called Pelosi’s justification “disgusting” and the “opposite of government ethics.”

The row began after a question from a reporter revealed Pelosi’s stance on the relationship between lawmakers and the stock market. “Should members of congress and their spouses be banned from trading individual stocks while serving in Congress?” a reporter asked California Democrat.

“No… We are a free-market economy,” Pelosi responded. “They should be able to participate in that.” However, as it happens, Pelosi’s husband is somehow so good at making stock picks, other trades follow his lead for the surest bets.

Shaub found Pelosi’s position completely untenable. “What a disgusting comment,” Shaub said in an email to Fox News Digital. “This is the opposite of government ethics,” he maintained.

“Nobody kidnapped these members of Congress when they were private citizens, dragged them to Washington and forced them to be in Congress,” Shaub continued. “The American people are sick of members of Congress buying and selling stock and creating the appearance of trading on insider information,” he said.

“They should absolutely be banned from trading stocks,” Shaub said. “Let them buy diversified mutual funds. Let them buy government bonds. But bar them from trading stocks for crying out loud.”

Later, Shaub continued his diatribe on Twitter. “Speaker of the House Pelosi, if you seek to drain the swamp, if you seek public trust in the integrity of Congress, if you seek government ethics, come here to this gate. Madam Speaker, close this flood gate! Madam Speaker, tear down this Wall Street participation,” he wrote.

There have been nearly 50 people Congress caught not reporting their trades, and other shady practices leave Americans skeptical of the too-close relationship. Lawmakers can pull the strings in their favor or simply glean insider information, so it makes sense to prevent them from having the opportunity to use it to their advantage.




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