Oh, the paradox of congressional stock trading, where our dear elected lawmakers seem to have the Midas touch, turning closed-door briefings into gold.
Congress has an uncanny knack for investingOh, the paradox of congressional stock trading, where our dear elected lawmakers seem to have the Midas touch, turning closed-door briefings into gold — except the gold doesn’t trickle down to John Q. Public, but lines the pockets of those with Capitol Hill access badges.
Now enters the star-studded cast, led by none other than former House Speaker Nancy Pelosi, who, with her $100 million in trades, might as well be the Gordon Gekko of government. Then there’s the astonishing Rep. Brian Higgins, New York Democrat, who is not just doing well: He’s doing “238% returns” well.
A report from Business Insider found that 49 members of Congress and 182 senior-level congressional staffers had “violated the so-called STOCK Act, which requires public disclosure by themselves and family members within 45 days of sales or purchases of individual stocks, bonds and commodity futures.”
The Pelosis sold 30,000 shares of Alphabet, the parent company of Google and other companies, on Dec. 20, 21 and 28, 2022, the Daily Caller reported. They received between $1.5 million and $3 million for the total sale, according to a financial disclosure form filed on Jan. 12, 2023. DOJ announced its lawsuit against Alphabet on Jan. 23.
Here’s the problem: Lawmakers are often privy to inside information that could amount to inside trading. And that’s why they shouldn’t be allowed to buy and sell stocks while they’re in office.
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