22 Government Watchdogs Ask Pelosi and Schumer to Act on Congressional Stock Ban

A coalition of government watchdog and advocacy groups sent a letter to Democratic leaders on Tuesday, urging them to take action to ban members of Congress from trading individual stocks, a move the organizations say is crucial to protecting democracy and preserving Congress’s legitimacy. The group of 22 organizations told Senate Majority Leader Chuck Schumer (D-New York) and House Speaker Nancy Pelosi (D-California) in their letter that the Democrats must bring a stock ban to a vote before the November elections usher in a new Congress, and that the leaders must throw their support behind a ban in order to…

Pelosi’s Husband Dumped Up to $5M of Tech Stock Right Before Senate Passed CHIPS

Just before the Senate passed a major bill to subsidize computer chip manufacturers on Wednesday, House Speaker Nancy Pelosi’s (D-California) husband sold thousands of shares of Nvidia — a tech company that could stand to gain from the passage of the nearly $80 billion bill. Paul Pelosi — an extremely active stock trader who’s gained a following for his often-winning stock transactions — bought between $1 million and $5 million in Nvidia in June, as the Senate debated the bill. Then, on Tuesday, the same day that the “CHIPS-plus” bill cleared a key procedural vote, Paul Pelosi sold 25,000 shares…

Ocasio-Cortez Warns That Allowing Congress to Trade Stock Erodes Democracy

Rep. Alexandria Ocasio-Cortez (D-New York) pushed to pass a stock trading ban for lawmakers last week, warning that if such legislation isn’t passed, bad faith actors will take advantage of public mistrust in Congress over members’ ability to trade stocks in order to erode democracy. In a press conference calling for Congress to pass a ban on stock trading, Ocasio-Cortez said that the issue “isn’t just about actual impropriety, but … about the perception of impropriety.” One of the many consequences of corruption and insider trading within Congress, she pointed out, is that it undermines the public’s trust in the…

Greene Bought Oil, Defense Stocks While Complaining About War Profiteers

New financial filings reveal that far right Rep. Marjorie Taylor Greene (R-Georgia) bought up to $15,000 in stock in defense manufacturers and energy companies two days before Russian forces invaded Ukraine. On February 22, Greene bought stocks in defense industry giant Lockheed Martin and military supplier Caterpillar. She also bought between $1,000 and $15,000 worth of stock in Chevron and NextEra Energy, a utility and energy company. All of these companies’ stocks have grown in the weeks since Vladimir Putin launched his invasion of Ukraine, with Lockheed Martin up by about 20 percent since then. The purchases came the day…

25 House Democrats Urge Pelosi to Bring Congressional Stock Trading Ban to Vote

On Monday, a group of 27 House representatives sent a letter to House Speaker Nancy Pelosi (D-California) and House Minority Leader Kevin McCarthy (R-California) urging them to pass legislation that would bar Congress from trading stocks. The letter calls such a ban a “common-sense” move that has the support of both Democrats and Republicans in the chamber. “Both of you have recently addressed this issue in public comments, but this glaring problem will not go away until it is fixed and Congress should not delay when we have the power to fix it,” the letter read. The effort has rare…

Pelosi Changes Course, Says She’s Open to Stock Trading Ban for Congress Members

As Democrats discuss implementing a ban on stock trading for members of Congress, House Speaker Nancy Pelosi (D-California) signaled on Thursday that she may be open to passing such a ban, despite her opposition to the proposal. Pelosi reiterated her opposition at a press conference on Thursday, but said that she would support the Democratic caucus if they wanted to pass such legislation. “I just don’t buy into it, but if members want to do that I’m OK with that,” she said. Pelosi added that she has asked the House Administration Committee to review the STOCK Act. Although the bill…

Elizabeth Warren Demands Information on Fed Official’s Questionable Stock Trades

Sen. Elizabeth Warren (D-Massachusetts) recently sent a letter to Jerome Powell demanding more information on stock trades by Federal Reserve Vice Chair Richard Clarida after a New York Times report revealed that Clarida failed to disclose the extent of his trades just before the stock market crashed in 2020. Last year, Clarida reported moving between $1 million and $5 million into an investment fund, buying shares on February 27th, 2020 – the day before Chair Powell made a major announcement about rule changes at the Fed in preparation for the pandemic. However, Clarida recently amended that financial disclosure to reflect…

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