It was reported that House Speaker Nancy Pelosi’s husband just bought nearly $2.2 million worth of Tesla stock on March 17.
According to a new congressional financial disclosure, Paul Pelosi, an investor, has made tens of millions of dollars in stock trades during the past few years as his wife remains one of the most powerful lawmakers in the country.
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“Pelosi’s financial disclosure indicates that her husband purchased 2,500 shares of Tesla stock on March 17 — then worth nearly $2.2 million — by exercising call options at a strike price of $500 per share. The options were set to expire the next day, according to the disclosure. Tesla stock traded near $1,000 per share on March 23,” Business Insider reported.
“Tesla, which manufactures electric vehicles and solar panels, spends hundreds of thousands of dollars each year to lobby the federal government, according to lobbying disclosures compiled by nonpartisan research organization OpenSecrets. Tesla’s CEO is Elon Musk, the wealthiest person on Earth, according to the Bloomberg Billionaire Index,” the report added.
Back in January, Missouri GOP Sen. Josh Hawley announced that he is introducing the Banning Insider Trading in Congress Act.
The bill would prohibit Members of Congress and their spouses from holding or trading individual stocks. Any members found in violation of the bill will be forced to return their profits.
The Banning Insider Trading in Congress Act will:
–Prohibit Members of Congress and their spouses from holding, acquiring, or selling stocks or equivalent economic interests during their tenure in elected office. Any holdings in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds are exempt from the prohibition.
–Give Members of Congress and their spouses six months, upon assuming office, to divest any prohibited holdings or place those holdings in a blind trust for the remainder of their tenure in office.
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–Ensure Members or their spouses forfeit any investment profits to the American people via the U.S. Treasury if they are found to be in violation if the Act. Members who violate the requirements will also lose the ability to deduct the losses of those investments on their income taxes. The ethics committees of Congress may levy additional fines and will publicize violations.
–Require that after two years of the Act’s implementation, the Government Accountability Office (GAO) will conduct an audit of Members’ compliance with the Act.
Hawley said, “Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating. Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country. Here’s something we can do: ban all members of Congress from trading stocks and force those who do to pay their proceeds back to the American people. It’s time to stop turning a blind eye to Washington profiteering.”