Trump says Pelosi shouldn’t trade stocks, despite calls for a ban from Congress
- Donald Trump said Wednesday that Nancy Pelosi should be banned from stock trading.
- His speech is the latest in a series of calls to limit stock trading in Congress.
- Insider’s “Conflicted Congress” project showed widespread violation of rules meant to regulate the practice.
Former President Donald Trump said Wednesday that House Speaker Nancy Pelosi should be banned from trading individual stocks.
“It’s not right. It’s not appropriate,” Trump told right-wing outlet Breitbart during a promotional call for his “Our Journey Together” photo book.
“I think she’s smart in a way and completely crazy. She shouldn’t be allowed to do that with stocks… It’s not fair to the rest of this country,” he said. .
Trump’s intervention – though aimed at only one of his political foes – is the latest in a series of calls to limit or prevent members of Congress, their spouses and aides from trading stocks while in office.
They follow the release of Insider’s “Conflicted Congress” project, which found widespread violation of laws meant to regulate how lawmakers trade stocks and numerous conflicts of interest.
Insider found that 54 members of Congress and 182 senior congressional staff violated the STOCK Act, which requires prompt disclosure of transactions, often without any penalties for doing so.
Pelosi and her husband, Paul Pelosi, have made millions on tech stocks, according to financial disclosures. Insider called its office’s business activity “borderline” after it uncovered a STOCK law violation by one of its employees.
Pelosi said in December lawmakers should be free to trade stocks. “We are a free market economy,” she said.
However, since then, many members of Congress have taken a different view.
House Minority Leader Kevin McCarthy said this month he would consider limiting lawmakers’ holding or trading of stocks if Republicans win a majority in the House midterm.
Several bills seeking to introduce laws to control how lawmakers trade stocks have also been introduced in recent weeks, one by Democratic senses Jon Ossoff and Mark Kelly and another by Republican Senator Josh Hawley.
More recently, Pelosi has seemed open to some system changes. On Jan. 13, Pelosi asked the House Administration Committee to consider stiffer penalties for violations of the STOCK Act.
“The Speaker believes that sunlight is the best disinfectant and has asked House Administration Committee Chair Zoe Lofgren to review the issue of members’ unacceptable non-compliance with the reporting requirements of STOCK law,” Pelosi spokesperson Drew Hammill told Insider at the time.
The White House said Tuesday that the matter was up to Congress.
A recent poll conducted by the firm Data for Progress found that 67% of US voters support a ban on lawmakers trading stocks while in office.