On March 17, House Speaker Nancy Pelosi’s husband bought Tesla stock for $2.2 million.
According to a new financial disclosure to Congress, Paul Pelosi spent tens of millions of dollars on stock transactions while his wife, Nancy Pelosi, was one of the nation’s most powerful lawmakers.
According to Pelosi’s financial declarations, her husband bought 2,500 shares of Tesla for $500 each on March 17. The options were set to expire the following day. Tesla’s stock price was approaching $1,000 per share on March 23, reported Business Insider.
OpenSecrets discovered that Tesla, which sells electric vehicles and solar panels for homes, spends millions lobbying the federal government. The world’s wealthiest individual is Elon Musk, CEO of Tesla.
A measure presented by Missouri Republican Sen. Josh Hawley in January was signed into law.
The proposed law would ban members of Congress and their wives from holding or trading individual stocks. Members who break the law will have their profits seized.
Congress bans insider trading.
Disallow Congressmen and their spouses to possess, buy, or sell shares or other economic interests while in office. The restriction does not apply to diversified mutual funds, ETFs, or US Treasury bonds
Members of Congress and their spouses should have six months to sell or deposit forbidden assets in a blind trust for the remainder of their tenure.
For those who break the law, their investments should be forfeited to the US Treasury. If a member violates the regulations, they lose their right to deduct investment losses from their federal income taxes. Members of Congress who break the ethics code risk public exposure.
Force the GAO to assess Members’ compliance with the Act two years after it is adopted.
“Year after year, politicians beat the market, buying and selling millions of shares in companies they’re supposed to regulate,” Hawley said. Wall Street and Big Tech are collaborating with politicians to profit themselves at the expense of the public. Anyone who trades stocks should be obliged to refund the American taxpayers for their earnings. We must quit ignoring Washington’s profiting.
To strengthen congressional ethics, Georgia Democrat Sen. Jon Ossoff introduced legislation prohibiting lawmakers from trading stocks.
Pelosi recently urged stock trading by Congressmen as a method to participate in capitalism, despite her own party’s vehement opposition to capitalism in favor of socialist or Marxist economic principles.
Pelosi is reportedly attempting to derail the bill.
Although she and her husband have profited up to $30 million by wagering on the Big Tech corporations that Pelosi controls, Nancy Pelosi is desperately attempting to defeat bipartisan attempts to abolish stock trading by members of Congress.
Last month, Pelosi disclosed that her family had acquired millions of dollars in optimistic call options on businesses including Google, Salesforce, Micron Technology, and Roblox. Certain insiders criticize her for impeding efforts to rein down Big Tech.
According to The Post, Pelosi’s statements made her “blood boil.” Days later, Pelosi dismissed worries about politicians’ stock selection, citing “the free market economy.”
One may argue that Pelosi would rather retire than lose her millions if members were barred from trading