The husband of House Speaker Nancy Pelosi just bought Tesla stock on March 17 for about $ 2.2 million.
Paul Pelosi, an investor, has made millions of dollars in stock trading over the past few years because his wife is one of the most powerful lawmakers in the country, according to a new congressional release.
Pelosi’s financial disclosure indicates that her husband bought 2,500 shares of Tesla stock on March 17 – then valued at about $ 2.2 million – using the call option at a strike price of $ 500 per share. The options were set to expire the next day, according to the release. Tesla’s stock traded around $ 1,000 per share on March 23, “Business Insider reported.
Tesla, which makes electric vehicles and solar panels, spends thousands of dollars every year lobbying the federal government, according to a lobbying publication compiled by the non-partisan research firm OpenSecrets. , ”Added to the report.
In January, Missouri GOP Sen. Josh Howley announced that he was introducing a congressional act banning insider trading.
The bill would prohibit members of Congress and their wives from holding or trading separate stocks. Any member who violates the bill will be forced to return their profits.
The Congress Act prohibits insider trading:
– Prohibit members of Congress and their wives from holding, acquiring or selling stock or equivalent economic interests while in office. Any holdings of diversified mutual funds, exchange-traded funds, or US Treasury bonds are exempt from this restriction.
-Give members of Congress and their spouses, after taking office, six months to deduct any prohibited holdings or to blindly hold those holdings for the remainder of their term in office.
-Make sure that members or their spouses confiscate any investment profits from the US Treasury to the American people if they are found to be in breach of the law. Members who violate the requirements will also lose the ability to deduct the loss of that investment on their income tax. Congressional ethics committees may impose additional fines and promote violations.
-It is necessary that two years after the implementation of the law, the Government Accountability Office (GAO) will conduct an audit of the members compliance with the law.
“Over the years, politicians have somehow managed to outperform the market, buying and selling millions of stocks of companies that they are supposed to control,” Howley said. Wall Street and Big Tech work hand in hand with elected officials to enrich each other at the expense of the country. Here’s what we can do: Ban all members of Congress from stock trading and force those who return their earnings to the American people. It’s time to dump her and move on. “
Indeed, Georgia Democrat Sen. John Osf is taking steps to advance congressional ethics by enacting legislation aimed at preventing lawmakers from trading stocks after Pelosi and her husband racked up millions of dollars from Wall Street in recent years.
In particular, in recent weeks Pelosi himself has defended the stock trade as a way for members of Congress to engage in capitalism, which is ironic because members of his own party have sharply criticized economic policy in favor of socialist or even Marxist economic policy.
The New York Post reports that Pelosi is trying to squash the bill.
Nancy Pelosi is pushing for the repeal of a bipartisan effort by Congress lawmakers to ban stock trading – even though she and her husband earned $ 30 million from betting on big tech firms, Pelosi is responsible for controlling it.
Late last month, the House Speaker revealed that Pelosis had raised millions on bullish call options for stocks, including Google, Salesforce, Micron Technology and RoboLux. At the same time, some insiders say he has made slow efforts to rein in Big Tech.
Days later, Pelosi allayed concerns about stock picking by lawmakers, claiming it was part of a “free-market economy” – a remark that has “boiled” the blood of Democratic insiders, people close to the speaker told The Post.
If legislation to bar lawmakers from trading stocks is passed, one could argue that Pelosi would retire rather than give up millions of earnings.
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