If you were told that members of Congress were able to buy and sell stocks—while in office—would that surprise you? Maybe you’d say no, why shouldn’t they be able to buy stock like the rest of us. But what if I told you that as members of Congress (some high-ranking members of Congress), they had access to information about industries you and I can’t see?
Congressmen know things about businesses—major businesses—that we will never learn about. Those on powerful committees hear testimony about all sorts of things. They even have the power to demand documentation about industries, most of it top secret. This could easily give them an upper hand in deciding if and when they should buy stock or—most often—dump it.
That’s called insider trading if you’re anyone but a congressman. Pelosi’s defended this obviously shady situation—with only the flimsiest of excuses. But Donald Trump isn’t fooled. And he’s calling for accountability.
Former President Donald Trump on Wednesday backed bipartisan efforts to ban members of Congress from trading stocks, telling Breitbart News on a press call House Speaker Nancy Pelosi performing significantly better than the market is “not fair” to ordinary Americans.
“She has inside information. It’s not right. It’s not appropriate. It shouldn’t be,” Trump said… “She doesn’t want to discuss that… She should not be allowed to do that with the stocks. She should not be allowed to do that. It’s not fair to the rest of this country.”
[…] Pelosi has been in the news as of late given her prolific stock trading efforts—she consistently outperforms the market—which have drawn bipartisan ire as both Republicans and Democrats seek to ban members of Congress from trading stocks as a result of Pelosi’s apparent abuse of the system. [Source: Breitbart]
The shady stock deals among congressmen are getting so out of hand, that there is a bipartisan push to forbid it. Several lawmakers suggested a bill that would prevent sitting members of Congress from buying or selling stock. Pelosi tried to defend the incredible amounts of cash she’s gotten from what is essentially insider trading, saying she’s a capitalist.
Pathetic. Pelosi knows that if Congress banned lawmakers from trading stock, hundreds of them would quit. That is a major reason some of these “career politicians” even bother to run. It’s an open secret that members of Congress (especially House members) get rich after they enter public office. The information they’re privy to allows them to make key decisions in the stock market.
After they leave office, they further enrich themselves. Often, they get jobs with big corporations, sitting on boards and collecting big paychecks. Of course, that only happens if they passed legislation favorable to those companies. You can connect the dots yourself.
When Trump was president, he was required to let go of numerous business connections so there would be no conflict of interest. You better believe he wasn’t buying or selling stock while in office. So, why can these crooks in Congress be allowed to? That’s a question that needs to be seriously asked in the years to come.
Author: Pat Jackman
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