Despite a populist grassroots movement seeking to ban Congress members from trading stocks, one which has attracted bipartisan political support, Democratic House Speaker Nancy Pelosi - arguably one of the most prolific Congressional traders - said two weeks ago that lawmakers should be allowed to make trades while serving.
Pelosi's statement also came in the wake of a series of scandals involving federal lawmakers, Fed and government officials making suspect trades throughout the coronavirus pandemic.
Currently, Senator Richard Burr, is under investigation by the Securities and Exchange Commission for trades he made in the early days of the pandemic, and other lawmakers were investigated by the Department of Justice for their trades.
It's not limited to Congress: In October the Fed announced it would ban officials from owning individual stocks and bonds after two officials - Dallas Fed president Robert Kaplan and Boston Fed president Eric Rosengren - resigned following allegations of insider trading.
Members of Congress are theoretically barred from trading on nonpublic information thanks to the Stop Trading on Congressional Knowledge, or STOCK, Act, and during the press conference, Pelosi noted that lawmakers need to follow that law.
We mention all of this because according to the latest Periodic Transaction Report covering Nancy Pelosi's latest trades, the California Democrat purchased millions worth of call options in companies from Alphabet, to Micron, to Roblox, Saleforce and Walt Disney.
While the presumption is that there Pelosi did not trade on inside information, something tells us each of those trades will be profitable.
Thursday, December 30, 2021
Nancy Pelosi Buys Millions In Call Options In Google, Micron, Roblox, Salesforce And Disney
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