Congress stock trading has continued to be a problem until it’s heavily restricted or ends altogether. The Stock Act was implemented in 2012 by the same Congress that trades stocks seem an issue?
Representative Elaine Luria (D-VA) sees the writing on the wall with stock trades that Congressional members have gotten rich off of and says that it’s “bullsh*t” and “inherently bad or corrupt.”
One of the most notable members is Speaker of the House Nancy Pelosi, but it’s not strictly a Democrat or Republican issue. They’re both very guilty of shady stock trades. One of the most recent large traders is Pete Sessions.
Luria said, “We already have the STOCK Act, which requires stock trades to be reported. Why would you think that? I mean, it makes no sense to automatically presume that the individuals you pick to serve you will exploit their position for evil purposes or to profit themselves. As a result, I am vehemently opposed to such legislation.”
Interestingly enough, Luria owns between $1 million and $5 million in Facebook stocks and NVIDIA Corporation and $500,000 and $1 million in Netflix. Not a very credible source, but we appreciate the sentiment.
After seeing the writing on the wall, Pelosi now supports a bill that would ban members of Congress from trading individual stocks, and Alexandria Ocasio-Cortez said, “When we get caught up and even have the ability to trade stock individually, it erodes public trust in government.”
The TRUST in Congress Act would force politicians to place their stocks in a blind trust and their spouse and dependent children until 180 days after they left Congress. Congress also knows that they can change all of these rules later and still make a massive profit.
It is the real plague to our political system that’s corrupted political leaders and caused them to cave on issues based on the profit they’ll get when the bill passes. It has been the incentive for some, like Pelosi, to stay in politics well beyond their prime. Pelosi is 81-years-old. Why does she want to continue her political career at that age? She has no interest or personal experience with issues that face much younger generations. The decisions she makes right now likely won’t affect her for very many years. Therefore she can’t be trusted to make solid decisions with her political power in the House of Representatives.