HSpeaker’s chair Nancy Pelosi rejected the prospect of barring members of Congress and their wives from buying and trading stocks despite support from more left-leaning members of Congress.
Pelosi, who does not own stock herself, said Wednesday that members of Congress should be able to own stock. However, she said, they should declare their stocks in accordance with the STOCK law and for the sake of transparency.
“It’s a free market and the people – we’re a free market economy. They should be able to participate in it,” Pelosi said at his weekly press conference.
FOURTEEN MEMBERS OF CONGRESS VIOLATED THE SECURITIES REPORTING ACT
Pelosi’s comments contrast with the views of more liberal members, such as Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez, who have both said they don’t think members of Congress should trade stocks.
“It’s absolutely ridiculous that members of Congress can own and trade individual stocks while in office,” Ocasio-Cortez said recently. tweeted. “The access and influence we have must be exercised in the public interest, not for our benefit. It should not be legal for us to trade individual actions with the information we have.”
The New York Democrat also said she doesn’t own any stock so she can stay impartial on politics.
Although Pelosi does not own stocks, her husband Paul Pelosi is an investor who owns and trades several stocks. Because of his actions, Pelosi is considered one of the wealthiest members of Congress, according to Business Intern. Fourteen members of Congress and three senior executives in Pelosi’s office violated the STOCK Act.
“The American people should never have to guess whether an elected official advances an issue or votes on a bill based on what’s good for the country or what’s good for their personal financial interests,” Warren said. . release on Tuesday.
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the Shares Act, signed into law by former President Barack Obama in 2012, requires members of Congress and their employees to file reports whenever they buy or sell a stock worth more than $1,000 in an effort to ensure the transparency and avoid conflicts of interest based on privileged knowledge. Members have up to 45 days after the deed to file the report.