Nancy Pelosi thought she could get away with it.
But Pelosi thought wrong.
And Republicans expose Nancy Pelosi’s shady stock trades.
As Black Eye Politics reports:
The Justice Department opened an antitrust lawsuit against Google on Tuesday for allegedly monopolizing various digital advertising technologies, but lucky for former House Speaker Nancy Pelosi (D-CA), just a month ago she sold a combined 30,000 shares of stock in Google’s parent company, Alphabet.
Pelosi sold up to $3 million of her Google stocks right before the announcement of a major lawsuit that sent Google stock prices down 6%.
“You don’t have to be a conspiracy theorist to wonder how Nancy Pelosi knew to sell off $3 million of her Google stock 4 WEEKS before the DOJ opened their tech monopoly lawsuit against them,” former GOP Senate candidate James Bradley tweeted.
Pelosi and her husband, Paul, have been accused multiple times of using insider knowledge to increase their stock market portfolio.
Now U.S. Senator Josh Hawley (R-MO) has introduced again a bill dubbed the “PELOSI Act” which would ban lawmakers and their spouses from holding and trading individual stocks and instead require them to place stocks in qualified blind trusts.
“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” Hawley said in a news release.
“As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again,” Hawley added. “While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price.”
Business Insider reported earlier this month that at least 78 congressional members had violated a 2012 law known as the STOCK Act — the Stop Trading on Congressional Knowledge Act — which often results in a $200 fee.
Pelosi defended the right of members of Congress to trade individual stocks even while being accused of violating the STOCK Act.
“We have a responsibility to report stock, but I’m not familiar with that five month review,” she said when questioned about the STOCK Act in 2021.
“This is a free market and people,” Pelosi continued before trailing off. “We are a free market economy and we should be able to participate in that.”
“But if the people aren’t reporting they should be,” she added.
Pelosi is one of the wealthiest members of Congress, and if the bill were passed it would force her husband, venture capitalist Paul Pelosi, to sell nearly $10 million worth of stock.
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