Fancy Nancy made $30 million from trades involving Big Tech companies the House speaker is responsible for regulating.
Fancy Nancy made $30 million from trades involving Big Tech companies the House speaker is responsible for regulating. You want to talk about inequalities in our society? Our elected officials are basically involved in insider trading. It always infuriates me that these individuals who supposedly “work for me” go to DC and come back as millionaires. I would like to see all representatives and their immediate families not allowed to trade stocks and that the very least they should not be involved in stocks that are related to current legislation.
We are told consistently that this is a bi-partisan issue, so why has nothing been done about it?
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On the things-that-should-be-done-but-haven’t-for-whatever-reason front, legislation exists that would prohibit members of Congress from trading stocks. It’s called the Banning Insider Trading in Congress Act and it would prohibit members of Congress and their spouses from trading individual stocks.
For those who live in a sane world wallpapered in logic, this proposal makes perfect sense. Why? Because currently lawmakers can pass legislation that creates favorable conditions for certain companies or industries, and if a lawmaker knows that this legislation will pass, he or she could profit off it.
One very senior lawmaker who seems lukewarm at best about this proposal is House Speaker Nancy Pelosi (D-Calif.). When first asked about the plan late last year, she was dismissive.
“We are free-market economy. They should be able to participate in [trading stocks],” she declared in December 2021.
In 2020 alone, a year when the stock market was as turbulent as in any year in recent memory thanks to COVID-19 shutdowns, Paul outperformed the S&P 500 by 14.3 percent, according to Hawley’s office. And per a New York Post analysis, the Pelosis have made approximately $30 million from trades involving Big Tech companies the House speaker is responsible for regulating.
In March 2021, Paul Pelosi exercised options to purchase 25,000 Microsoft shares worth more than $5 million. Less than two weeks later, the U.S. Army disclosed a $21.9 billion deal to buy augmented reality headsets from Microsoft. Shares of the company rose sharply after the deal was announced.
Information on laws coming down the pike is what members of Congress certainly have. The questions around whether Paul and Nancy Pelosi are profiting are only going to get louder if Congress fails to act.
#USA #TheChubbyCaucasianChristianClosetedConservative #Pelosi #Congress #TheHill
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