Stock Trade Ban Gains Steam Despite Pelosi’s ‘Mind-Boggling’ Resistance

In the trenches of TikTok, users are tracking more than just the latest memes or trends. They’re watching the stock trades of members of Congress and their families, with House Speaker Nancy Pelosi being a fan favorite.

The STOCK Act requires members to publicly disclose their and their spouse's stock transactions, which has allowed accounts like CEOWatchlist to use that information to monitor Pelosi’s husband’s trades for more than 1 million followers, calling her the stock market’s biggest “whale” and ending videos with credos like “shout out to Nancy for the stock tips.”

If Pelosi has her way, those trades will continue, telling reporters last month that members should have the right to participate in the “free-market economy” like everyone else.

But after a series of scandals and ethically problematic trades, a growing coalition of lawmakers on the left and the right want to ban the practice to prevent the perception, if not actual abuse of their positions.

The most recent calls for change came from Minority Leader Kevin McCarthy (R-CA), who told Punchbowl News in an interview published Tuesday he’d consider banning trades if Republicans took over the House next year. While House Democratic leadership dismissed McCarthy as insincere at best, the idea is gaining steam.
Virginia Democrat Rep. Abigail Spanberger has twice sponsored legislation with Rep. Chip Roy (R-TX) that would bar members of Congress from trading stocks and equities while in office. She doesn’t believe there’s rampant insider trading among her fellow members of Congress, but she does believe there’s a “perception” among Americans that members would do so.

By: Ursula Perano | Daily Beast
Updated Jan. 12, 2022 5:50AM ET / Published Jan. 12, 2022 5:01AM ET