Concerned Americans have long questioned how new members of Congress get elected and make a low-six-figure wage but emerge years later with a seven or eight-figure net worth. The Founding Fathers certainly didn’t intend for service in Congress to benefit one’s bottom line.
As the Washington Free Beacon reported prime example of a person who excels at building wealth while serving as an elected representative is House Speaker Nancy Pelosi (D-CA), who is currently under scrutiny for the windfall she’s about to experience when President Joe Biden has Democrats cram his infrastructure bill through Congress.
If you’re wondering how such a bill will benefit Pelosi on a personal level, look no further than several strategic investments her husband made in the electric car industry as recently as December. The Pelosi’s dropped a staggering amount into companies like Tesla, to the tune of $500,000 to $1 million.
It just so happens that within the language of Biden’s infrastructure bill, the electric vehicle industry is set to reap massive rewards, as there is at least $174 billion on the books ready to be handed out to the industry in an attempt to boost the popularity of electric vehicles, add more charging stations around the country and additional methods to steer new car buyers toward electric vehicles.
One might wonder how it would be legal for someone like Pelosi — who’s already the wealthiest member of Congress with a net worth of $115 million — to essentially write her own ticket.
That’s because spouses of members of Congress are allowed to make investments in industries that their partner plays a part in regulating, as long as the spouse doesn’t act on private information, which would probably be the most difficult thing to prove in a court of law, which is probably why we don’t see much in the way of prosecutions when its suspected to have taken place.
Though there’s no hard evidence to back up a claim that the Pelosi’s knew there was a very strong chance that Biden would eventually try to pass an infrastructure bill with billions set aside for the electric vehicle industry, it’s not a stretch to presume that they were well aware, hence the six or seven-figure investment they made in December — after Biden was elected.
One of the largest and most trusted financial news analysis services, Barron’s, recently wrote that Tesla — which is what Pelosi’s husband invested in — stands to gain the most from Biden’s monetary boost to the electric vehicle industry.
It’s really no wonder why so many Americans believe a majority of members of Congress are only in it for the money.