SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
House Speaker Nancy Pelosi (D-Calif.) talks to reporters during her weekly news conference at the U.S. Capitol on December 15, 2021 in Washington, D.C. (Photo: Chip Somodevilla/Getty Images)
'Are They Trying to Lose?' Critics Ask After Pelosi Defends Stock Trading by Lawmakers
"Letting the child tax credit disappear, making people pay back student loans, mocking the idea of at-home Covid tests, and now defending members of Congress trading stocks. It's getting harder and harder to convince me the Democrats want to win," said one critic.
Dec 15, 2021
Progressives and government watchdog groups on Wednesday condemned House Speaker Nancy Pelosi's defense of individual stock trading by members of Congress, days after an extensive report revealed dozens of conflicts of interest by lawmakers who own stocks related to the healthcare industry and other sectors Congress is supposed to regulate.
After being asked by Business Insider at her weekly press conference whether members of Congress and their spouses should be barred from trading stocks, Pelosi said the practice should be permitted to continue because "we are a free market economy."
Speaking to Business Insider after the press conference, Pelosi's spokesperson said the STOCK Act--which was passed in 2012 and requires members to disclose security transactions and ensure they don't make individual stock trades based on knowledge they gain as lawmakers--prevents members of Congress from insider trading.
"It's not 'participating in the free market' for some of our nation's most powerful to benefit financially from inside information."
But the outlet's "Conflicted Congress" investigation released Monday, showed that at least 49 lawmakers and 182 senior congressional staffers have violated the STOCK Act, including dozens whose stock holdings may have allowed them to benefit from the coronavirus pandemic.
At least 11 senators and 34 representatives held shares of Pfizer, the manufacturer of one of the Covid-19 vaccines. The investigation also found stocks held by lawmakers from both major political parties in 3M, which makes personal protective equipment; Quest Diagnostics, which provides Covid-19 tests; and Regeneron Pharmaceuticals, the maker of a treatment for the disease.
As Common Dreams reported in April 2020, in the weeks before the pandemic, members of Congress made nearly 1,500 stock transactions worth up to $158 million--in many cases buying stocks in companies that might see a boost during the crisis and selling stocks that seemed likely to decrease in value.
When asked about the lack of compliance with the STOCK Act at her news conference, the speaker said only that members of Congress "should be" reporting their holdings.
The Project on Government Oversight (POGO) was among the first watchdog groups to respond forcefully to Pelosi's comments.
"Members of Congress should not be able to trade stocks because it's not 'participating in the free market' for some of our nation's most powerful to benefit financially from inside information," the group tweeted. "It's a conflict of interest, plain and simple, and it needs to stop."
Dylan Hedtler-Gaudette, government affairs manager for the group, added that lawmakers' ability to trade individual stocks--and Pelosi's vehement defense of the practice--could significantly damage the public's perception of Congress and the federal government.
Progressive lawmakers including Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.) have spoken out about the issue, with Warren telling Business Insider on Wednesday, "The American people should never have to guess whether or not an elected official is advancing an issue or voting on a bill based on what's good for the country or what's good for their own personal financial interests."
Some critics suggested Pelosi defended stock trading on Capitol Hill because she has personally benefited from the practice; her husband, venture capitalist Paul Pelosi, trades corporate stocks and in 2020 owned shares worth as much as $25 million in Apple, Amazon, and Visa. The couple's net worth grew by $16.7 million last year.
Others noted that Pelosi's defensive comments came just as it was reported that the Democratic Party is planning to shelve the Build Back Better Act--the $1.75 trillion reconciliation package that would invest in climate action and anti-poverty measures--due to objections to the Child Tax Credit from right-wing Democratic Sen. Joe Manchin of West Virginia--and as the Biden administration is preparing to force millions of Americans to restart payments of the student debt, leading to questions about how the party will inspire voter turnout in 2022 and beyond.
"Are they trying to lose?" asked journalist Kate Aronoff.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Progressives and government watchdog groups on Wednesday condemned House Speaker Nancy Pelosi's defense of individual stock trading by members of Congress, days after an extensive report revealed dozens of conflicts of interest by lawmakers who own stocks related to the healthcare industry and other sectors Congress is supposed to regulate.
After being asked by Business Insider at her weekly press conference whether members of Congress and their spouses should be barred from trading stocks, Pelosi said the practice should be permitted to continue because "we are a free market economy."
Speaking to Business Insider after the press conference, Pelosi's spokesperson said the STOCK Act--which was passed in 2012 and requires members to disclose security transactions and ensure they don't make individual stock trades based on knowledge they gain as lawmakers--prevents members of Congress from insider trading.
"It's not 'participating in the free market' for some of our nation's most powerful to benefit financially from inside information."
But the outlet's "Conflicted Congress" investigation released Monday, showed that at least 49 lawmakers and 182 senior congressional staffers have violated the STOCK Act, including dozens whose stock holdings may have allowed them to benefit from the coronavirus pandemic.
At least 11 senators and 34 representatives held shares of Pfizer, the manufacturer of one of the Covid-19 vaccines. The investigation also found stocks held by lawmakers from both major political parties in 3M, which makes personal protective equipment; Quest Diagnostics, which provides Covid-19 tests; and Regeneron Pharmaceuticals, the maker of a treatment for the disease.
As Common Dreams reported in April 2020, in the weeks before the pandemic, members of Congress made nearly 1,500 stock transactions worth up to $158 million--in many cases buying stocks in companies that might see a boost during the crisis and selling stocks that seemed likely to decrease in value.
When asked about the lack of compliance with the STOCK Act at her news conference, the speaker said only that members of Congress "should be" reporting their holdings.
The Project on Government Oversight (POGO) was among the first watchdog groups to respond forcefully to Pelosi's comments.
"Members of Congress should not be able to trade stocks because it's not 'participating in the free market' for some of our nation's most powerful to benefit financially from inside information," the group tweeted. "It's a conflict of interest, plain and simple, and it needs to stop."
Dylan Hedtler-Gaudette, government affairs manager for the group, added that lawmakers' ability to trade individual stocks--and Pelosi's vehement defense of the practice--could significantly damage the public's perception of Congress and the federal government.
Progressive lawmakers including Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.) have spoken out about the issue, with Warren telling Business Insider on Wednesday, "The American people should never have to guess whether or not an elected official is advancing an issue or voting on a bill based on what's good for the country or what's good for their own personal financial interests."
Some critics suggested Pelosi defended stock trading on Capitol Hill because she has personally benefited from the practice; her husband, venture capitalist Paul Pelosi, trades corporate stocks and in 2020 owned shares worth as much as $25 million in Apple, Amazon, and Visa. The couple's net worth grew by $16.7 million last year.
Others noted that Pelosi's defensive comments came just as it was reported that the Democratic Party is planning to shelve the Build Back Better Act--the $1.75 trillion reconciliation package that would invest in climate action and anti-poverty measures--due to objections to the Child Tax Credit from right-wing Democratic Sen. Joe Manchin of West Virginia--and as the Biden administration is preparing to force millions of Americans to restart payments of the student debt, leading to questions about how the party will inspire voter turnout in 2022 and beyond.
"Are they trying to lose?" asked journalist Kate Aronoff.
Progressives and government watchdog groups on Wednesday condemned House Speaker Nancy Pelosi's defense of individual stock trading by members of Congress, days after an extensive report revealed dozens of conflicts of interest by lawmakers who own stocks related to the healthcare industry and other sectors Congress is supposed to regulate.
After being asked by Business Insider at her weekly press conference whether members of Congress and their spouses should be barred from trading stocks, Pelosi said the practice should be permitted to continue because "we are a free market economy."
Speaking to Business Insider after the press conference, Pelosi's spokesperson said the STOCK Act--which was passed in 2012 and requires members to disclose security transactions and ensure they don't make individual stock trades based on knowledge they gain as lawmakers--prevents members of Congress from insider trading.
"It's not 'participating in the free market' for some of our nation's most powerful to benefit financially from inside information."
But the outlet's "Conflicted Congress" investigation released Monday, showed that at least 49 lawmakers and 182 senior congressional staffers have violated the STOCK Act, including dozens whose stock holdings may have allowed them to benefit from the coronavirus pandemic.
At least 11 senators and 34 representatives held shares of Pfizer, the manufacturer of one of the Covid-19 vaccines. The investigation also found stocks held by lawmakers from both major political parties in 3M, which makes personal protective equipment; Quest Diagnostics, which provides Covid-19 tests; and Regeneron Pharmaceuticals, the maker of a treatment for the disease.
As Common Dreams reported in April 2020, in the weeks before the pandemic, members of Congress made nearly 1,500 stock transactions worth up to $158 million--in many cases buying stocks in companies that might see a boost during the crisis and selling stocks that seemed likely to decrease in value.
When asked about the lack of compliance with the STOCK Act at her news conference, the speaker said only that members of Congress "should be" reporting their holdings.
The Project on Government Oversight (POGO) was among the first watchdog groups to respond forcefully to Pelosi's comments.
"Members of Congress should not be able to trade stocks because it's not 'participating in the free market' for some of our nation's most powerful to benefit financially from inside information," the group tweeted. "It's a conflict of interest, plain and simple, and it needs to stop."
Dylan Hedtler-Gaudette, government affairs manager for the group, added that lawmakers' ability to trade individual stocks--and Pelosi's vehement defense of the practice--could significantly damage the public's perception of Congress and the federal government.
Progressive lawmakers including Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.) have spoken out about the issue, with Warren telling Business Insider on Wednesday, "The American people should never have to guess whether or not an elected official is advancing an issue or voting on a bill based on what's good for the country or what's good for their own personal financial interests."
Some critics suggested Pelosi defended stock trading on Capitol Hill because she has personally benefited from the practice; her husband, venture capitalist Paul Pelosi, trades corporate stocks and in 2020 owned shares worth as much as $25 million in Apple, Amazon, and Visa. The couple's net worth grew by $16.7 million last year.
Others noted that Pelosi's defensive comments came just as it was reported that the Democratic Party is planning to shelve the Build Back Better Act--the $1.75 trillion reconciliation package that would invest in climate action and anti-poverty measures--due to objections to the Child Tax Credit from right-wing Democratic Sen. Joe Manchin of West Virginia--and as the Biden administration is preparing to force millions of Americans to restart payments of the student debt, leading to questions about how the party will inspire voter turnout in 2022 and beyond.
"Are they trying to lose?" asked journalist Kate Aronoff.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.