Congress Warms to Stock-Trading Ban, Leaving Pelosi in Cold

[Celerity]

“I think she’s wrong on this. I think she is out of step with public opinion,” Rep. Abigail Spanberger (D-VA) said.

https://www.thedailybeast.com/stock-trade-ban-gains-steam-despite-nancy-pelosis-mind-boggling-resistance



In the trenches of TikTok, users are tracking more than just the latest memes or trends. They’re watching the stock trades of members of Congress and their families, with House Speaker Nancy Pelosi being a fan favorite. The STOCK Act requires members to publicly disclose their and their spouses stock transactions, which has allowed accounts like CEOWatchlist to use that information to monitor Pelosi’s husband’s trades for more than 1 million followers, calling her the stock market’s biggest “whale” and ending videos with credos like “shout out to Nancy for the stock tips.”

If Pelosi has her way, those trades will continue, telling reporters last month that members should have the right to participate in the “free-market economy” like everyone else. But after a series of scandals and ethically problematic trades, a growing coalition of lawmakers on the left and the right want to ban the practice to prevent the perception, if not actual abuse of their positions. The most recent calls for change came from Minority Leader Kevin McCarthy (R-CA), who told Punchbowl News in an interview published Tuesday he’d consider banning trades if Republicans took over the House next year. While House Democratic leadership dismissed McCarthy as insincere at best, the idea is gaining steam.

Virginia Democrat Rep. Abigail Spanberger has twice sponsored legislation with Rep. Chip Roy (R-TX) that would bar members of Congress from trading stocks and equities while in office. She doesn’t believe there’s rampant insider trading among her fellow members of Congress, but she does believe there’s a “perception” among Americans that members would do so.

To her, that’s a problem. “We may believe as members that everyone is doing the right thing and everyone is behaving admirably,” Spanberger said. “But I think it is important that we go a step beyond that, which is [to] demonstrate to the American people that we’re not even going to give the illusion of doing something inappropriate.” “I think she’s wrong on this. I think she is out of step with public opinion,” Spanberger (D-VA) told The Daily Beast, when asked about Pelosi’s position. Roy told The Daily Beast he thinks Pelosi’s position is “mind-boggling.”

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[Grasswire2]

1. Frankly, isn't Pelosi extremely wealthy?

Wouldn't ya think that someone in Congress could abstain from trading stocks during their tenure?

DiFi is another example. Is she trading stocks, too? EXTREMELY wealthy.

Our ppl ought to be above criticism.

[pandr32]

2. I love her but disagree with her here

Policy makers cannot be expected to not serve their own interests when they have investments in that free market economy. Serve the public? Put your portfolios into cash positions. Reinvest when you leave office.

[crickets]

3. 👆👆 Or at least use mutual funds, blind trust, some way to avoid direct stock ownership. nt

[Grasswire2]

4. yes, this makes me want to scream in frustration.

Why set yourself up for criticism, in that position?

Wealthy, wealthy, wealthy.

WHY does a person need to trade stocks at that point?

[Mysterian]

5. Time for the Democratic Party to wake the fuck up

and start fighting the oligarchy rather than being a part of it.

[Ace Rothstein]

6. Someone who has been in DC for 35 years is out of step with public opinion.

I'm shocked!