London Daily

Focus on the big picture.
Saturday, Jul 19, 2025

Pelosi makes about-face on insider trading in Congress

Pelosi makes about-face on insider trading in Congress

House Speaker Nancy Pelosi says she ‘trust her members’ to do the right thing, on one condition
Previously openly opposed to banning stock trading by members of Congress, Speaker of the House Nancy Pelosi (D-California) appeared on Thursday to change her mind. Her apparent openness to a proposal floated by two Senate Democrats, however, was conditioned on demanding the same of US Supreme Court justices.

“I have great confidence in the integrity of my members. They are remarkable. So when people talk about well, somebody might do this and somebody, I trust our members,” Pelosi, 81, told reporters on Capitol Hill.

“To give a blanket attitude of we can't do this and we can't do that because we can't be trusted, I just don't buy into that. But if members want to do that, I'm OK with that,” she added.

Her words were widely reported as an about-face on the contentious issue of stock trading by members of Congress, which has recently come under intense scrutiny in no small part due to Pelosi’s own financial success.

Financial disclosures show Pelosi does not own or trade stocks herself, but her husband Paul does. She is the top Democrat on the list presented last week by the watchdog Unusual Whales, showing that the stock portfolios of many US lawmakers enjoy returns on investment well above those of the Standard & Poor’s exchange-traded fund.

A Twitter account named “Nancy Pelosi’s Portfolio Tracker” put a spotlight on the speaker’s investments last fall and attracted over 200,000 followers before it was banned without explanation in early December. A week later, asked about the ethics of lawmakers trading stocks their laws could affect, Pelosi argued the US is a “free-market economy” and members of Congress “should be able to participate” in it.

Pelosi’s portfolio would be affected by the bill proposed by two Senate Democrats last week. Jon Osoff of Georgia and Mark Kelly of Arizona want to ban sitting members of Congress and their family members from stock trading, and would require them to either divest from the stock assets or put them in a blind trust while in office.

Two recent polls show anywhere between 67% and 76% of Americans would support such a ban. However, House Majority Leader Steny Hoyer (D-Maryland) said on Wednesday that lawmakers should have the same financial privileges as everyone else.

Pelosi’s apparent change of heart on the subject came with a caveat, as she told reporters the Supreme Court should be included in any new restrictions.

“If we're saying everybody should be living by the same standard then let – so be it. That's OK with me. But I don't think that the court should be let off the hook,” she said. “So, I say when we go forward with anything, let's take the Supreme Court with us to have disclosure.”

Members of Congress are already required to disclose any financial transactions within 45 days by the 2012 Stop Trading on Congressional Knowledge (STOCK) Act. It also bans them from using information they have as part of their job that is not available to the general public to turn a personal profit. A recent Business Insider report alleged that 54 lawmakers failed to comply with the disclosure rules.
Newsletter

Related Articles

0:00
0:00
Close
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
×