There’s a good reason why House Speaker Nancy Pelosi (D-CA) is adamant about members of Congress being able to trade on the stock market, even amid increased criticism. Why? Because she and her husband are getting filthy rich on Wall Street.
According to the New York Post, the numbers that the Pelosis have pulled down thanks to miraculously trades that not even top Wall Street traders could pull off are off the charts — to the tune of some $30 million. No wonder she won’t give in.
Pelosi, who in her powerful congressional leadership position is responsible for regulating several of the industries in which she and her husband dabble on the stock side, has faced growing, bipartisan calls for the banning or restriction of playing the stock market.
Recently, she defended the idea, saying that members of Congress should absolutely be able to trade stocks, proudly claiming that it’s because we live in a “free market economy.”
The Post reported that Pelosi’s statement, unsurprisingly, made several progressive Democrats’ “blood boil.” Jeff Hauser, a progressive Democrat and founder and director of the Revolving Door Project, explained his views on what members of Congress should and shouldn’t be able to do.
“Key policy makers can be rich but they shouldn’t own individual companies,” Hauser insisted, adding that when congress members pick stocks, it “gets worrisome about whether legislators have access to insider information or whether your stock purchases will consciously or unconsciously impact policy making.”
It should be noted that there currently exists no proof that Pelosi or her husband have used insider information to make such astounding trades on Wall Street, but it should also be noted that their portfolio has outperformed the S&P 500 more often than not.
Pelosi spokesman Drew Hammill, when questioned by the Post on the situation, defended his boss by making clear that it was her husband, Paul Pelosi, who technically owns the stocks that have added significantly to their net worth of some $106 million.
“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.”