Congress should restrict stock purchases by lawmakers' family members, Americans say
Insider information could help politicians and their families unfairly profit from the markets they help regulate
{{#rendered}} {{/rendered}}Relatives of members of Congress should face some restrictions on trading stocks, Americans in the nation's capital told Fox News.
"I don't think family members of people in Congress should be able to trade with insider information," a woman named Kirsten said.
Ronnie disagreed, saying, "I'd say it's a free country. I mean, we all know stocks is what drives this country."
{{#rendered}} {{/rendered}}House Speaker Nancy Pelosi has said husband Paul Pelosi never made stock purchases based on information she provided. The denial came after Paul Pelosi bought computer chip stock ahead of a congressional vote related to chip manufacturing.
Paul Pelosi walks a beach in Italy over Independence Day weekend. (Backgrid)
Fox News Digital asked the speaker if her husband had ever made stock purchases or trades after hearing about the financial goings-on of Capitol Hill.
{{#rendered}} {{/rendered}}"No," Pelosi said. "Absolutely not."
Family of Congress members "should not be allowed [to invest] because of insider trading advantages," Joel from Seattle told Fox News. "Pelosi has made trades, and I think that Nancy Pelosi is also profiting from that."
{{#rendered}} {{/rendered}}House Speaker Nancy Pelosi, D-Calif., together with other Democratic leaders, speaks during a news conference on Capitol Hill in Washington June 8, 2022. (AP Photo/Manuel Balce Ceneta)
"It would make sense to have some more restrictions on the Congress' family in terms of straight trading stocks," a man named Austin said. "If there's, you know, restrictions in place for the congressmen and women themselves, it would make sense that their family, who may potentially also have access to information, would have some similar restrictions."
"I think Nancy Pelosi has profited the whole time she's been in office in unfair ways," Kristen alleged. "Paul and Nancy talk all the time, and there's no secrets between them. So he has insider trading secrets."
Ladawnah said, "Nowadays people use the power abusively, but if you're not using your power and your money to put back into the community, then what are you doing other than to uplift yourself?"
{{#rendered}} {{/rendered}}U.S. Speaker of the House Nancy Pelosi and her husband Paul Pelosi meet with Pope Francis at the Vatican Oct. 9, 2021. (Vatican Media/Handout via REUTERS)
A bill to prevent members of Congress and their spouses from trading or owning stocks while they hold elective office, which was introduced in February, is at a standstill.
The measure, called the Bipartisan Ban on Congressional Stock Ownership Act of 2022, was introduced in the House by Rep. Pramila Jayapal, D-Wash. To date, it has 14 cosponsors, a majority of whom are Democrats.
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The legislation, according to its text, would prohibit members of Congress and their spouses from "stock trading and ownership." In addition, it states that the elected members and their spouses should not "own an interest in or trade (except as a divestment) any stock, bond, commodity, future or other form of security, including an interest in a hedge fund, a derivative, option or other complex investment vehicle."
"Well, if they're going to do it, they should let us know what those trades are going to be, so we can all enjoy the profits," Joel said.
{{#rendered}} {{/rendered}}Pelosi is worth an estimated $114 million, according to her 2018 personal financial disclosure.
Houston Keene and Kyle Morris contributed to this report.