While speaking with Fox News, Obama’s director of the Office of Government Ethics, Walter Shaub unleashed on Speaker of the House Nancy Pelosi for stating that members of Congress “should be allowed to participate” in stock trading.
Pelosi has a shady history involving her investments and has racked up a net worth of over $100 million. She recently doubled down on her support of allowing members of congress including herself, the ability to trade stocks despite having insider information.
“What a disgusting comment,” Shaub said to Fox News. “This is the opposite of government ethics. Nobody kidnapped these members of Congress when they were private citizens, dragged them to Washington and forced them to be in Congress. The American people are sick of members of Congress buying and selling stock and creating the appearance of trading on insider information. They should absolutely be banned from trading stocks. Let them buy diversified mutual funds. Let them buy government bonds. But bar them from trading stocks for crying out loud.”
Shaub also took to Twitter to share his disgust with the speaker.
“GOOD GRIEF! NO! She’s wrong. She is 100% wrong. Nobody put a gun to anyone’s head and said ‘you must be a member of Congress,’” Shaub said. “Want to trade stocks? Do it. Want to be a member of Congress? Do it. But you have NO BUSINESS doing both! This is the opposite of government ethics.”
He added: “Sure, it’s a free-market economy. But your average schmuck doesn’t get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks,” he added.
It’s a ridiculous comment! She might as well have said “let them eat cake.” Sure, it’s a free-market economy. But your average schmuck doesn’t get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks.🎂 https://t.co/2yRpEiJgO5
— Walter Shaub (@waltshaub) December 15, 2021
“MEMBERS OF CONGRESS SHOULD NOT BE ALLOWED TO TRADE STOCKS,” he said in another tweet.
Pelosi’s comments on Wednesday came after Business Insider asked the Democrat leader a question during a press conference. Business Insider released a report on Monday that found 49 members of Congress and 182 congressional staffers violated the Stop Trading on Congressional Knowledge (STOCK) Act.
Pelosi is one of the wealthiest members of Congress because her husband, Paul, is a frequent trader that has made millions of dollars.
Socialist Rep. Alexandria Ocasio-Cortez even thinks that stock trading by lawmakers should be illegal.
“It is absolutely ludicrous that members of Congress can hold and trade individual stock while in office,” said Ocasio-Cortez. “The access and influence we have should be exercised for the public interest, not our profit. It shouldn’t be legal for us to trade individual stock with the info we have.”
It is absolutely ludicrous that members of Congress can hold and trade individual stock while in office.
The access and influence we have should be exercised for the public interest, not our profit. It shouldn’t be legal for us to trade individual stock with the info we have. https://t.co/Z3UZej2eC2
— Alexandria Ocasio-Cortez (@AOC) December 8, 2021
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This story syndicated with permission from Collin Rugg – Trending Politics