Nancy Pelosi woke up to news that could crush her family empire.
The announcement came just days after Donald Trump exposed a dark secret.
And Nancy Pelosi faces devastating news days after one statement from the President that threatens her with ruin.
Mike Johnson wants to end the appearance of impropriety with a stock trading ban
House Speaker Mike Johnson (R-LA) announced his support for banning members of Congress from trading stocks during a press conference on Wednesday.
“I’m in favor of that, because I don’t think we should have any appearance of impropriety here,” Johnson said when asked about the proposed ban.
Johnson acknowledged some lawmakers view stock trading as a way to supplement their $174,000 annual salaries, which haven’t increased since 2009.
However, the Louisiana Republican noted that certain members of Congress have “abused” their ability to trade stocks while serving in public office.
“Sadly, a few bad actors discolor it for everyone,” Johnson stated. “And, look, we have no tolerance for anything even resembling insider trading or any of this kind of advantage that anybody could take. Zero tolerance for it—and we’ll stamp it out ourselves.”
Johnson’s endorsement follows weeks after President Donald Trump took aim at former House Speaker Nancy Pelosi (D-CA) over her family’s stock market gains during her time in Congress.
Trump puts Pelosi in the crosshairs over insider trading concerns
In an April interview with Time magazine, Trump didn’t mince words when discussing Pelosi’s wealth accumulation during her congressional career.
“I watched Nancy Pelosi get rich through insider information, and I would be OK with [a ban],” Trump told Time.
The President added that he would sign legislation banning Congressional stock trading if such a bill reached his desk.
While Pelosi herself doesn’t personally trade or own stocks, her husband, Paul Pelosi, has faced intense scrutiny for his stock trading activities, which have often been remarkably profitable and suspiciously well-timed.
Critics have long questioned whether Paul Pelosi’s trading success might be influenced by information his wife obtained through her privileged position in Congress.
Nancy Pelosi has consistently denied any wrongdoing or sharing of non-public information with her husband.
Republicans push the “PELOSI Act” to ban Congressional stock trading
Following Johnson’s remarks on Wednesday, Rep. Mark Alford (R-MO) introduced a House companion bill to the Senate’s “PELOSI Act,” which aims to prohibit lawmakers and their spouses from holding, purchasing, or selling individual stocks.
The bill’s name – an acronym for “Preventing Elected Leaders from Owning Securities and Investments” – clearly targets the former Speaker.
“As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption,” Alford said in a statement. “Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves.”
The push for reform has gained bipartisan momentum in recent years as numerous reports have highlighted suspiciously timed stock trades by members of Congress.
A 2022 investigation by The New York Times found that from 2019 to 2021, nearly 100 members of Congress reported trades by themselves or immediate family members in companies that were influenced by committees they served on.
The rules governing Congressional stock trading have been criticized as too weak. Currently, members must disclose trades within 45 days under the STOCK Act of 2012, but the penalties for late filings are minimal and often waived.
Johnson’s endorsement of a trading ban marks a significant development that could help push legislation forward. With support from both the House Speaker and the President, the prospects for meaningful reform appear stronger than in previous attempts.
Critics of the current system argue that members of Congress have access to non-public information that gives them an unfair advantage in the stock market. Supporters of reform believe that a trading ban would help restore public trust in government institutions at a time when confidence is near historic lows.
As this legislation advances, the debate over Congressional stock trading will likely intensify, with proponents arguing it eliminates conflicts of interest while opponents may claim it unfairly restricts the financial activities of public servants.
