Nancy Pelosi Backs Proposal To Ban 'Congressional Stock Trading' Named After Her — 'Proud To Support It, No Matter What They Decide To Name It'
Former House Speaker, Rep. Nancy Pelosi (D-Calif.), voiced her support for legislation to ban Congressional stock trading, which was up until recently named after her, called the PELOSI Act.
What Happened: In a statement on Wednesday, Pelosi came out in support of the bill, now called “The HONEST Act,” saying that “If legislation is advanced to help restore trust in government and ensure that those in power are held to the highest ethical standards, then I am proud to support it,” according to The Hill.
She further adds that she will come out in support of the bill, “no matter what they decide to name,” referring to the fact that the legislation was dubbed the PELOSI Act, up until recently, which stood for Preventing Elected Leaders from Owning Securities and Investments.
This was a jab at Pelosi’s husband, venture capitalist Paul Pelosi, and his high-profile stock trades, which have led to a significant increase in their combined net worth over the years.
The name of the proposal introduced by Sen. Josh Hawley (R-Mo.) was changed after it became a bipartisan effort, with Hawley working with Democrats to include not just lawmakers, but also Presidents and Vice Presidents.
Pelosi said in her statement that she appreciates the creativity of her Republican colleagues in drafting legislative acronyms, while adding that she welcomes “any serious effort to raise ethical standards in public service.”
Why It Matters: The combined net worth of the Pelosis is estimated at $413 million, up from a possible $370 million in 2024, with a significant portion of their wealth coming from a substantial stock portfolio and well-timed trades, according to the New York Post.
A prominent example of the couple’s stock trade involves the sale of 5,000 shares in Microsoft Corp. (NASDAQ:MSFT) shortly before the Federal Trade Commission (FTC) announced an antitrust investigation into the company.
It’s been reported that Pelosi's portfolio gained 65% in 2023 and 54% in 2024, leaving several leading hedge fund performances in the dust.
Besides her, however, several other active traders in Congress have delivered next-level returns over the years, ranging from 70% to 149%, amid growing calls for a ban.
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