A previous report revealed that many current members of Congress have been engaging in insider trading. US House Speaker Nancy Pelosi is now facing criticism from members of her party following her defense of sitting lawmakers trading stocks.
Several Democratic members of Congress have criticized Pelosi following her defense of sitting lawmakers trading and buying stocks last week. Pelosi said that while lawmakers should all follow the disclosure laws, she noted that lawmakers should also be able to participate in trading stocks even while in office, citing that the US is a “free market economy.”
“No. It cannot be a perk of the job for Members to trade on access to information,” tweeted Rep. Abigail Spanberger.
“I disagree with the Speaker,” said Rep. Dean Phillips, who is also one of the wealthiest members of Congress alongside Pelosi.
“I disagree strongly,” said Rep. Andy Kim. “Americans are losing trust in government and we need to show we serve the people, not our personal/political self-interest.”
“There is no reason members of Congress should hold and trade individual stock when we write major policy and have access to sensitive information. There are many ways members can invest w/o creating actual or appeared conflict of interest, like thrift savings plans or index funds,” said Rep. Alexandria Ocasio-Cortez.
Earlier this year, Spanberger introduced a bill that required lawmakers, including their spouses and dependent children, to put assets in a blind trust while they are in office. Lawmakers would still be allowed to own and trade stocks and common investments.
In other related news, far-right personality Alex Jones previously filed a lawsuit against Pelosi and the House Committee investigating the January 6 Capitol insurrection in the hopes of stopping the panel from requiring his testimony and his phone records as part of the probe. The lawsuit filed by Jones in a Washington DC district court, also revealed that he planned to invoke the Fifth Amendment if he is compelled to testify before the committee which is scheduled on January 10.
Jones also said that he has already informed the committee that he will raise First Amendment objections should the panel ask him about “constitutionally protected political and journalistic activity.” However, Jones noted that the committee has disputed his claims.