House Speaker Nancy Pelosi made waves when she stood against an act that would keep members of Congress and their family members from trading individual stocks.
A report in Breitbart News, the high-powered lawmaker blocked the STOCK Act that would bar lawmakers, like herself, from participation in the stock market.
The House leader cited a “free market economy” and went on to say that lawmakers and immediate family members shouldn’t have their actions stymied.
“During a press briefing on Wednesday, in response to a report from Insider showing that 49 members of Congress (Democrats and Republicans) have failed to disclose their transactions in accordance with Stop Trading on Congressional Knowledge (STOCK) Act of 2012, Pelosi was asked if members of Congress and their spouses should be banned from trading individual stocks, thereby preventing insider trading,” Breitbart reported.
“We’re a free-market economy,” Pelosi explained. “They should be able to participate in that.” She did, however, make a show of saying she believes members of Congress should be open about their stock transactions.
According to a report by Insider, the STOCK Act of 2012, which was heavily backed by Andrew Breitbart, is created for the purpose of keeping conflicts of interest and insider trading away from those who would be inevitably faced with it in Congress.
A key provision of the law mandates that lawmakers publicly — and quickly — disclose any stock trade made by themselves, a spouse, or a dependent child.
But many members of Congress have not fully complied with the law. They offer excuses including ignorance of the law, clerical errors, and mistakes by an accountant. Insider has chronicled this widespread nature of this phenomenon in a new project, “Conflicted Congress.”
Several individuals have often asked how she has amassed her fortune, and also whether she has a vested interest in how the laws of trade would allow her to continue, ethically. More likely than not, Pelosi’s stock success is far from ethical.