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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPelosi rejects stock-trading ban for members of Congress
https://www.businessinsider.com/we-are-free-market-economy-pelosi-rejects-stock-ban-congress-2021-12House Speaker Nancy Pelosi on Wednesday rejected the idea of banning members of Congress and their spouses from holding and trading individual stocks while in office.
"This is a free market, and people we are a free market economy. They should be able to participate in that," Pelosi said when asked by Insider at her weekly press conference.
Insider also asked Pelosi about "Conflicted Congress," a 5-month-long investigation by Insider that found 49 members of Congress and 182 senior congressional staffers have violated the STOCK Act, a law to prevent Insider trading.
Wow.
Discuss?
Related story:
https://www.npr.org/2021/09/21/1039313011/tiktokers-are-trading-stocks-by-watching-what-members-of-congress-do
Among a certain community of individual investors on TikTok, House Speaker Nancy Pelosi's stock trading disclosures are a treasure trove. "Shouts out to Nancy Pelosi, the stock market's biggest whale," said user 'ceowatchlist.' Another said, "I've come to the conclusion that Nancy Pelosi is a psychic," while adding that she is the "queen of investing."
"She knew," declared Chris Josephs, analyzing a particular trade in Pelosi's financial disclosures. "And you would have known if you had followed her portfolio."
Last year, Josephs noticed that the trades, actually made by Pelosi's investor husband and merely disclosed by the speaker, were performing well.
Josephs is the co-founder of a company called Iris, which shows other people's stock trades. In the past year and a half, he has been taking advantage of a law called the Stock Act, which requires lawmakers to disclose stock trades and those of their spouses within 45 days.
WhiskeyGrinder
(22,356 posts)Autumn
(45,106 posts)But not for the lower classes amirite?
WhiskeyGrinder
(22,356 posts)Autumn
(45,106 posts)WhiskeyGrinder
(22,356 posts)BlackSkimmer
(51,308 posts)BComplex
(8,053 posts)Wounded Bear
(58,666 posts)BlueIdaho
(13,582 posts)It goes along with the seeming ease of ignoring the filibuster when its suits all our politicians. I know there is no filibuster in the House, but Senators have the same sort of flexible morals when it comes to legislation in their body. Pay the bills? Fine and dandy - ignore the filibuster. Protect the votings rights of all Americans - suddenly the filibuster is sacred.
This shit makes Democrats look like hypocrites.
WarGamer
(12,449 posts)Some Members who sit on the Defense Committees hold stock in Defense contractors...
BlueIdaho
(13,582 posts)I know this kind of corruption shouldnt surprise me but - Im really disappointed in our elected officials.
demmiblue
(36,864 posts)jimfields33
(15,820 posts)Shes heavily invested in stocks through her husband. I do believe shes mainly hands off for obvious reasons.
Spider Jerusalem
(21,786 posts)WhiskeyGrinder
(22,356 posts)PTWB
(4,131 posts)Insider trading is insider trading. Im disappointed with Nancy Pelosi and that is a very rare occurrence. We can do better. We must do better.
WarGamer
(12,449 posts)Congress members, their staff and spouses can only own Mutual Funds and ETF's... not individual company stock.
Remember when "Appearance of Impropriety" was a thing?
The appearance of impropriety is a phrase referring to a situation which to a layperson without knowledge of the specific circumstances might seem to raise ethics questions. For instance, although a person might regularly and reliably collect money for her employer in her personal wallet and later give it to her employer, her putting it in her personal wallet may appear improper and give rise to suspicion, etc. It is common practice in the business and legal communities to avoid even the appearance of impropriety.
Kingofalldems
(38,458 posts)PTWB
(4,131 posts)I didnt say she endorsed it. But shes definitely not prohibiting it, which is the entire point.
Congress people have inside knowledge AND the ability to appropriate money that goes to companies they personally own stock in. It doesnt get more insider than that.
Maine Abu El Banat
(3,479 posts)But I still love you. Please rethink this.
WarGamer
(12,449 posts)How do you respond if McCarthy offers to propose similar legislation to AOC... possibly even asks DEMS to co-sponsor it...
Just to force Pelosi to publicly stop it from a vote?
Bad BAD optics.
P.S. Yes we all know McCarthy and the GOP don't want this to become law. But they SURE want to use it politically.
onecaliberal
(32,863 posts)WarGamer
(12,449 posts)There are House members sitting on the Armed Services sub-Committee that own Boeing, Raytheon and Grumman stock...
onecaliberal
(32,863 posts)bearsfootball516
(6,377 posts)SledDriver
(2,059 posts)WarGamer
(12,449 posts)crickets
(25,981 posts)I agree with those who say we can do better, and we should.
gratuitous
(82,849 posts)Members can sit at their desks and do online trades without having to take a recess. It's called multi-tasking, Brenda!
leftstreet
(36,108 posts)What a horrible Marie Antoinette response from her
superpatriotman
(6,249 posts)Free markets do not have political fingers on the scales.
Celerity
(43,408 posts)JudyM
(29,251 posts)the rest of the public, who are subject to COI laws such as insider trading?
And: arent corporate executives who would like to buy or sell their companys stock also operating in a free market economy?
Disappointing, hollow double standard. I wonder if her position is primarily for herself or to help her congressional colleagues?
MichMan
(11,932 posts)BannonsLiver
(16,396 posts)Mariana
(14,858 posts)Must be the case, if your support depends upon the posts of some randos on an internet message board, rather than on the merits of Speaker Pelosi's position.
Response to Mariana (Reply #40)
BannonsLiver This message was self-deleted by its author.
Kingofalldems
(38,458 posts)I say wow to the last paragraph which is a full blown attack on Nancy Pelosi with zero evidence presented.
Response to Kingofalldems (Reply #35)
BannonsLiver This message was self-deleted by its author.
Torchlight
(3,341 posts)So I'm not too surprised this sort of thing would show up.
Kingofalldems
(38,458 posts)MichMan
(11,932 posts)Torchlight
(3,341 posts)Be some fun data to crunch if the numbers are available.
BeckyDem
(8,361 posts)President Barack Obama signed the STOCK Act in 2012 to increase transparency of lawmakers' trades. The enforcement system is a mess.
Congress and top Capitol Hill staff have violated the STOCK Act hundreds of times. But the consequences are minimal, inconsistent, and not recorded publicly.
https://www.businessinsider.com/congress-stock-act-violations-penalties-consequences-2021-12?utmSource=twitter&utmContent=referral&utmTerm=topbar&referrer=twitter
pecosbob
(7,541 posts)WarGamer
(12,449 posts)Well done! Props to anyone who adds historical flavor to a topic of the day!!