Critics contend if Nancy Pelosi wasn’t a member of Congress she’d be in serious trouble.
Some experts argue it is utterly unethical what she’s doing.
Nancy Pelosi made a shady two million dollar payment that should be illegal.
It is generally illegal to buy or sell stocks on the basis of material, nonpublic information.
Members of Congress are able to regulate and give out significant contracts while being able to invest in the stock market and this is considered legal.
House Speaker Nancy Pelosi defended the practice in December claiming that it was a part of the “free-market economy.”
“We have a free market economy, they should be able to participate in that,” Pelosi told reporters at a news briefing at the time.
The speaker flatly said “no” to the idea of supporting a ban on trading individual stocks.
Only after pushback did Pelosi reverse her position.
“I do believe in the integrity of people in public service. I want the public to have that understanding,” Pelosi remarked on Feb. 9. “We have to do something to deter something that we see as a problem, but it is a confidence issue, and if that’s what the members want to do, then that’s what we’ll do.”
Pelosi and her husband are worth an estimated $315 million and have reportedly made millions in the stock market.
Now Democrats’ are pushing for increased green energy spending, after Pelosi’s husband purchased 2,500 shares of Tesla stock.
“Paul Pelosi, the Democratic House leader’s millionaire husband, purchased the tranche of Tesla stock on Thursday, when the company’s share price reached about $872 per share by the end of day, according to congressional filings published Monday. Pelosi bought the shares, worth roughly $2.18 million at the time, at a strike price of $500 per share.”
Since Paul Pelosi bought the stock, Tesla’s share price increased nearly 19% to over $1,036 a share – increasing Pelosi’s stake by hundreds of thousands of dollars.
President Joe Biden recently set a goal for 50% of all vehicles purchased in 2030 to be electric and under him Congress has passed multiple subsidies since taking office, including a $12,500 credit for consumers who purchase a new electric vehicle, however Tesla cars have not been eligible for the subsidy.
In January, Pelosi spokesman Drew Hammill was dismissive when The New York Post asked whether her husband’s stock trades were a conflict of interest.
“The Speaker does not own any stocks,” Hammill told The Post at the time. “As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions.”
Yet it is clearly unethical even though Pelosi isn’t breaking any laws.
The choices that Nancy Pelosi makes as an elected representative are capable of benefiting the companies that her husband has invested millions in.
The laws should be changed to prevent public servants from gaining wealth in this manner.
Several bills proposed would require incoming members of Congress to place their stock portfolios in a traditional blind trust on entering Congress.
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