(HorizonPost.com) – In 2012, former President Barack Obama signed the STOCK Act into law, prohibiting members of Congress and other employees of the government from using non-public information to profit in the stock market. Since then, there have been many instances of questionable trades by legislators, namely during the early months of the coronavirus in 2020. Despite the fact lawmakers have access to privileged information they could use to make trades, House Speaker Nancy Pelosi (D-CA) believes it’s a “free market economy” and sees no reason why Congress members shouldn’t participate.
Pelosi, says lawmakers/Capitol staff shouldn't be prohibited from trading stock: "This is a free market, we are a free market economy, they should be able to participate in that."
— Mariana Alfaro (@marianaa_alfaro) December 15, 2021
Walter Shaub, the former director of the Office of Government Ethics, stated Pelosi’s comments about investing in individual stocks were disgusting. He said Americans are tired of legislators profiting off of inside information. Of course, insider trading is a difficult accusation to prove, which is why many believe Congress should not be in the game at all to remove any appearance of impropriety.
While Representative Alexandria Ocasio-Cortez (D-NY) has not responded to Pelosi specifically, a report from Fox News pointed out that she took to Twitter on December 7 to criticize members in Congress who support or are involved in stock market trading, stating her belief trading should not be legal for members of the House or Senate.
Notably, Pelosi’s husband has millions invested in the market, and she claims to have no knowledge about or influence over his trading habits.
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