House Minority Leader Demands Investigation Into Paul Pelosi’s Stock Trades.

The 2022 midterm elections matter more than Nancy Pelosi, the California congresswoman who is the speaker of the House.

Rep. Kevin McCarthy of California, who is currently the House Minority Leader and is widely expected to succeed Speaker of the House Nancy Pelosi if Republicans win the midterm elections in November, stated that there will be an investigation into Pelosi.

 

He is concerned about the fact that Nancy Pelosi’s husband, Paul Pelosi, has a track record of successfully selecting the right stocks to buy and sell and that he recently bought a significant amount of NVIDIA stock before the House and Senate passed legislation favoring the company.

Regarding the Democratic proposal to outlaw stock trading for spouses of Congress members, he said, “I would look all the way through it.” What I’ve said to everyone is that we will return and, in addition to looking into this, we will have a proposal to alter the current behavior.

Furthermore, the legislation won’t be discussed or decided upon until after Congress returns from its August recess.

Her husband is able to trade all the way through, so why is it a crisis now? he asked. “I believe her husband acted inappropriately,”

He declared, “I believe we need to rebuild trust in this institution. “I believe we need to conduct a thorough investigation and examine what is the proper role for members of Congress and what influence they have. I do not believe Nancy Pelosi writing the bill is the proper way to do this because we have demonstrated that she is unable to do that.”

According to Punchbowl News, Democrats intend to introduce legislation next month that would ban stock trading by members of Congress and their spouses.

Kyle Griffin reported on Twitter that “Punchbowl News: House Democrats plan to announce a proposal next month to ban lawmakers, their spouses, and senior staff from trading stocks.”

Punchbowl News: House Democrats plan to announce a proposal next month to ban lawmakers, their spouses and senior staff from trading stocks, according to multiple sources close to the issue.

— Kyle Griffin (@kylegriffin1) July 28, 2022

According to The Daily Mail:

The proposed framework would require senior staff, spouses, and members of Congress to sell off all assets or transfer them into a qualified blind trust. Mutual fund ownership would still be permitted for lawmakers, spouses, and employees.

According to Punchbowl News, the leadership’s objective is to pass the legislation through the House in September.

The framework will be released “in the coming weeks,” said Rep. Zoe Lofgren, D-Calif., who is in charge of reviewing the various proposals as chair of the House Administration Committee.

Speaker Nancy Pelosi’s husband Paul bought over $1 million in shares of semiconductor company Nvidia last week as Congress was negotiating the bill to inject billions into the semiconductor chip industry, prompting criticism of congressional stock purchases once more. The House is anticipated to pass that bill on Thursday after the Senate did so on Wednesday.

“The Committee should investigate this matter of whether and how Members of Congress engage in different financial transactions,” Sen. Gary Peters, the chair of the Homeland Security and Government Affairs Committee, was written a letter by Sen. Josh Hawley.

Speaker Pelosi and her husband outperformed the S&P 500 by a staggering 14.3 percent in 2020, the speaker claimed. According to a report, 90% of actively managed investment funds don’t do that.

Although Speaker Pelosi had previously opposed any kind of ban, she changed her mind in February if it applied to the entire government.

Government-wide action is required, she insisted. There is no reporting in the judiciary. The Supreme Court doesn’t disclose anything. It makes significant decisions every day without reporting stock transactions.

She declared in December that our economy is a free market. “[Lawmakers] ought to have the option to take part in that.”

She was not pleased when she was asked about her husband’s stock trading during her weekly press conference last week.

The reporter asked the agitated Speaker, “Has your husband ever bought or sold stock based on information obtained from you?”

“No! Absolutely not, good, thank you. She quickly left the stage after saying this.