(RoyalPatriot.com )- After members of Congress once again called for bans of stock trading among lawmakers and social media began scrutinizing Nancy Pelosi’s investments, Google searches for “Pelosi stock trades” hit a record high in early January.
Over the last year, several social media groups began tracking Pelosi’s stock trades so amateur investors could use her investments as a benchmark for trading in the stock market. At this point, Pelosi’s stock trades have grown into a meme as more and more attention is focused on how lawmakers strike it rich on Wall Street.
Last week, a bipartisan group of 27 House lawmakers signed a letter calling on House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy to “swiftly” impose a ban on members of Congress owning and trading personal stock.
In 2012, Congress passed the STOCK Act which requires all lawmakers to disclose any stock purchases or sales within 45 days. But in the letter, the lawmakers argue that the intended objective of the STOCK Act, namely ensuring lawmakers’ access to information isn’t giving them an unfair advantage in stock trades, isn’t working.
Concerns over congressional stock trading reached a fever pitch during the pandemic when several lawmakers made suspiciously-timed stock trades related to COVID-19. To date, nobody has been charged in connection to the stock trading investigation launched by the Justice Department and the Securities Exchange Commission.
Faced with renewed calls for a ban on stock trading, in December, Speaker Pelosi dismissed the idea arguing members of Congress have the right to participate in the free market.
But during her weekly press conference two weeks ago, Pelosi appeared to change course, telling reporters if lawmakers want to push for a ban “I’m okay with that.”
According to Unusual Whales, a service selling financial data, in 2021, Congressional lawmakers traded $290 million in stocks, options, cryptocurrency, and other assets, and on average, they outperform the market.
Is it any wonder social media users are following Pelosi’s stock trades with such scrutiny?