Posted on 12/16/2021 5:33:05 AM PST by MarvinStinson
House Speaker Nancy Pelosi on Wednesday said lawmakers should not be barred from trading stock, a practice that has come under scrutiny because it gives members of Congress the opportunity to profit from inside information gained through their official duties.
“We are a free-market economy. They should be able to participate in that,” Pelosi, whose venture-capitalist husband holds tens of millions of dollars’ worth of stocks and options, told reporters.
Pelosi has long said she has no involvement in or prior knowledge of her husband’s trading decisions.
The issue of congressional stock trading has taken on new urgency since the beginning of the pandemic, when suspiciously timed stock trades by lawmakers in both parties provoked outrage and led to multiple investigations.
To date, no one has been charged in connection with stock-trading investigations undertaken by the Justice Department and the Securities Exchange Commission.
But the often lucrative trades nonetheless shine a spotlight on the inadequacies of a 2012 law called the Stock Act, which bars members from using inside information to make investment decisions and requires that all stock trades be reported to Congress within 45 days.
Yet, in the nearly 10 years since it was enacted, no one has been prosecuted under it, even as many members continue to conspicuously trade.
In some recent cases, lawmakers have failed to report their trades altogether, as required by the law.
When asked whether lawmakers and their spouses should be prohibited from trading stock while in Congress, Pelosi said, “No,” adding that “this is a free market.”
Many ethics experts have advocated for a ban on congressional stock trading to remove any temptation altogether.
Pelosi’s most recent financial disclosure shows her husband has millions of dollars’ worth of holdings.
(Excerpt) Read more at marketwatch.com ...
Corruption is encouraged in Communist societies.
Is it a satire?
Insider trading rules are a crude attempt by have nots to harm the haves
A reason for being an insider is to be able to freely trade securities at will
Acting on privileged infromation in the stock market is theft.
Rules are for the little people.
I have no issue with government officials trading stocks. All of their meetings are public knowledge, open to anyone.
Selling short before their laws harm affected industries.
So you disagree with the French court that convicted George Soros of insider trading?
Thus saith a wish he was
Mrs. Global Warming Pelosi, buys a $25m mansion, in FLORIDA, FEET FROM THE OCEAN with her insider trading. Term limits. Stop insider trading.
So why is the Pelosi stock tracker twitter account banned?
Also, isn’t it perfectly legal for them to partake in insider trading?
The rest of us are subject to criminal charges if we use material non public information. Why on Earth does that not apply to lawmakers? And why on Earth is Adam Jussie Smollet Shiff not impeached for fraud regarding the altered text evidence Monday? ...think the answer is the same.
Should be the same as insider trading rules - no movement allowed until after news announcement on legislation. All movements have to be preannounced and scheduled.
I have no dog in a Soros fight
You are a flaw in our system when you desire to Euroize America.
That is what progressives are all about. Making America Europe.....like Ferance
Maybe the Republicans will make it a law that they can’t trade stock when in Congress (LOL )
Yes, we ARE a free-market economy, Nancy..
But that is STILL “insider trading” and you should STILL go to jail for doing it.
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