US House Speaker Nancy Pelosi and her stock transactions are now getting attention from Americans. The California representative earlier said she’s okay with members of Congress doing stock trades. Now, more people are seeing why she’s okay with it via her transactions.
Speaker Nancy Pelosi And Her Stock Trades
Google searches for “Pelosi stock trades” reached a record high earlier this January. Social media users from TikTok, Twitter, Reddit, and YouTube are eagerly monitoring her and her husband’s trading activity.
Many believe that with her sensitive position, Nancy Pelosi may have an edge over regular stock traders.
In the Reddit subchannel “wallstreetbets,” users share information about Nancy Pelosi’s trade disclosures.
Recent filings show that the House Speaker disclosed her trade activity last year, which included stocks from Apple, Amazon, Tesla, and Microsoft.
Being a congressional official, the House requires Nancy Pelosi to disclose her stock trades. With growing calls from activists to ban lawmakers from engaging in stock trades, Pelosi’s activities are now coming to light.
Bill To Ban Lawmakers From Trading Stocks
Last Monday, 27 House members sent a letter calling for a floor vote to ban Congresspersons from owning stocks. Earlier, Nancy Pelosi defended the right of representatives to engage in the free market.
However, Pelosi seemed to understand the growing movement behind the proposed ban. Now, she’s saying that she’s willing to potentially advance legislation banning lawmakers’ stock trading.
Last year, Nancy Pelosi and her husband Paul, a trader, earned around $5 million dealing with Big Tech stocks like Tesla and Amazon. Now, these companies are facing a potential antitrust lawsuit bill from Congress.
Earlier 2012 Law Bans Use of Information from Congress for Personal Gain
Earlier in 2012, a law prohibits Congresspeople to use information gathered from their work in Congress for personal gain. It requires officials to disclose stock transactions within 45 days.
However, as these are mostly late filings, many traders won’t get the information to conduct trades in time. “It’s nonsense, it’s very hard to replicate what other people are doing and gain some edge,” said Sahak Manuelian. He is the Managing Director of Trading at Wedbush Securities.
However, the handicap didn’t deter TikTok users from reporting Nancy Pelosi’s disclosures. One posted video clip showed Paul Pelosi’s recent options purchases in Alphabet, Micron Technology, and Roblox. This post generated 45,000 likes.
Nancy Pelosi To Run Again This Year
Even with the controversy surrounding her preference to trade stock, the 81-year old announced she’s running for re-election. She announced Tuesday that she will seek re-election for California’s 12th district. The area covers the progressive city of San Francisco.
Prior to her announcement, Nancy Pelosi already made a previous announcement that 2018 was her last term. After leading Democrats in the House for 19 years, Nancy Pelosi wants one more round.
However, many in the Democratic Party feel that the party needs new leadership.
Watch the LiveNOW from Fox video reporting that Nancy Pelosi announces re-election bid ahead of 2022 midterms:
What do you think about Nancy Pelosi and her stock trades? Do you think it’s wrong, even if she’s not violating the spirit of the law?
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