House Speaker Nancy Pelosi came out swinging against a new proposal that would ban members of Congress from owning and trading stocks while in office.
As CNBC reports:
House Speaker Nancy Pelosi scoffed Wednesday at the idea of banning congressional lawmakers and their spouses from owning shares of individual companies, despite the possibilities for conflicts of interest between their legislative duties and personal finances.
“No,” Pelosi, D-Calif., told reporters at a news conference where she was asked whether she would support such a prohibition.“We’re a free market economy,” she said. “They should be able to participate in that.”
Pelosi’s dismissal of the idea of a stock purchase ban came in response to a question about a Business Insider investigative report this week on share ownership by lawmakers, and after controversies over stock purchases by a number of senators since the beginning of the Covid-19 pandemic.
Unsurprisingly many were less than convinced by Pelosi’s reasoning, which many believe is merely a roundabout way of excusing her own corruption:
she’s 100% wrong and corrupt, members of congress and their spouses should *absolutely* be banned from trading individual stocks — I am introducing or co-sponsoring this on day one https://t.co/X8E4JMrbek
— Blake Masters (@bgmasters) December 15, 2021
Nancy Pelosi says lawmakers should not be prohibited from trading stocks while serving in Congress pic.twitter.com/CWWBuNjzxn
— Not Jerome Powell (@alifarhat79) December 15, 2021
.@andrewrsorkin on Speaker Nancy Pelosi saying she opposes banning Congress members from owning individual stocks: "This was one of the most disappointing — and maybe to put it even less politely — disgraceful comments and views I have heard espoused on this issue."@MSNBC pic.twitter.com/3rOGOZeHCB
— Stephanie Ruhle Reports (@RuhleOnMSNBC) December 16, 2021