Will she be punished?
House Speaker Nancy Pelosi has made as much as $30 million from stock trades, many of which she would have had insider knowledge on as they pertain to the tech companies she oversees in Congress.
Despite criticizing corporate greed, the Speaker’s actions seem to tell a different story as she continues to block bipartisan efforts that would prevent members of Congress from engaging in individual stock pics.
According to some reports, the career politician has accumulated an estimated net worth that ranges between $40 million and $252 million depending on the source.
This net worth could have increased during the pandemic as her family recently invested millions in call options –– staking a rising stock price –– on Google, Micron Technology, Roblox, and Salesforce.
Her critics point to this beneficial access as the reason the Democrat is “slow-walking” Congressional endeavors to restrain Big Tech.
But, Pelosi has rebutted these claims, saying Congress should be allowed to engage in the “free-market,” adding that there wouldn’t be a conflict of interest, even if the member of Congress was involved in regulations that may impact a company’s stock price.
She doubled down on this belief in a press conference. She was asked if she had a “reaction” to news that 49 members of Congress had violated the STOCK (Stop Trading on Congressional Knowledge) Act and if she believed Congress should ban individual stock trading while Congress members are still serving.
She responded by saying that, to the latter question, she didn’t think that would be necessary. Instead, pointing out that members of Congress “have a responsibility to report on the stock.”
Her uncharacteristic free-market approach may stem from her husband being an exceptional stock picker. Paul Pelosi has managed to beat the S&P 500 index two years in a row, achieving as much as 14.3% in 2020, a unique feat despite his four decades in business.
Although Pelosi doesn’t personally own any stock in the Big Tech companies she oversees in Congress, many critics have pointed out that it’s unlikely her husband –– with whom she shares many assets –– isn’t benefiting from her proximity to these Tech companies.