A recent study from 2021 “identified 54 members of Congress who’ve failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.”
Apparently, Congress doesn’t think the rules apply to them. We need tougher laws to prevent conflicts of interest.
But there’s a reason we don’t have those protections – the foxes are watching the henhouse. In fact, the Speaker of the House, Nancy Pelosi, is one of the biggest offenders.
The New York Post reports:
Nancy Pelosi is scrambling to quash bipartisan efforts to ban stock trading by Congressional lawmakers — even as she and her husband have raked in as much as $30 million from bets on the Big Tech firms Pelosi is responsible for regulating.
Late last month, the House Speaker disclosed that the Pelosis scooped up millions in bullish call options for stocks including Google, Salesforce, Micron Technology and Roblox. At the same, some insiders say she has slow-walked efforts to rein in Big Tech.
Days later, Pelosi brushed off worries over stock picking by lawmakers, claiming it was part of the “free-market economy” — comments that made Democratic insiders “blood boil,” people close to the speaker told The Post.
It’s time to bring accountability back to Washington. Our founders didn’t intend public office to be a path to wealth, but a path to service.