Thursday 16 December 2021

Pelosi, Facing Questions Over Insider Trading By House Colleagues Says ‘We’re A Free Market Economy’

 This week, it was revealed that 49 members of Congress have failed to properly report their stock purchases as part of a 2012 law passed to prevent insider trading called the STOCK Act.  Business Insider Reports

“Insider and several other news organizations have this year identified 49 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.

Congress passed the law in 2012 to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. A key provision of the law mandates that lawmakers publicly — and quickly — disclose any stock trade made by themselves, a spouse, or a dependent child.

But many members of Congress have not fully complied with the law. They offer excuses including ignorance of the law, clerical errors, and mistakes by an accountant.”

Faced with this troubling news, House Speaker Nancy Pelosi (D-Ca.) defended her House colleagues, saying they have the right to participate in our free market economy.  The Epoch Times Reports

“In light of this report, Pelosi was asked by a reporter whether Congress members should be barred from stock trades.

“No,” Pelosi said quickly. “We have a responsibility to report [our trades] … [and] if people aren’t reporting, they should be.”

Pressed to explain her “no,” Pelosi argued, “Because we’re a free market economy. [Members of Congress] should be able to participate in that.”

Pelosi’s name did not appear in the report, but Pelosi and her husband have made millions from stock trades, some that were considered suspect by ethics observers., a Congressional ethics watchdog, reported that Pelosi received IPO stock access from Visa shortly before she prevented a bill regulating credit card companies from being considered on the House floor.

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