Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 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

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×