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Nancy Pelosi makes $30 million from tech stocks, scoffs at push to ban congressional trades

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Nancy Pelosi is trying to stop bipartisan efforts by congressional lawmakers to ban stock trading – she and her husband Pelosi are even raising $ 30 million from betting on Big Tech firms responsible for regulating it. worked

Late last month, House Speaker Pelosis announced that he had amassed millions of valuable call options for promotions such as Google, Salesforce, Micron Technology and Roblox. At the same time, some insiders say he was slow to curb Big Tech.

A few days later, Pelosi dismissed concerns about stockpiling by lawmakers, claiming it was part of a “free market economy” – comments that “boiled the blood” of Democratic insiders, he said. people close to the speaker to The Post.

“Key politicians may be rich, but they shouldn’t own private companies,” Jeff Hauser, a self-proclaimed progressive Democrat and founder and director of the Rotating Door project, told The Post.

The collection of securities by elected officials “raises concerns about whether lawmakers have insider information or whether the purchase of your shares will consciously or unconsciously affect policy,” Hauser added.

Texas Rep. Michael Bulut is currently pushing two bills by members of Congress to ban stock trading.

Pelosi is one of the richest members of Congress, According to an analysis by The Post, net worth exceeds $ 106 million. This is the average value of the maximum and minimum calculated value of its assets and liabilities – a methodology used by the Responsible Policy Center – using its most recent financial data for August, which is a maximum of $ 252 million and an underwater minimum. worth $ 40 million.

Pelosi’s husband, Paul Pelosi, is a businessman who runs a venture capital and investment firm, Financial Leasing Services, and his wife has invested countless dollars in high-profile companies it should control, such as Amazon, Apple and Google.

Pelosis split his time between a house in San Francisco’s Pacific Hills neighborhood and an apartment in Georgetown, Washington, and they also own a Napa Valley vineyard worth $ 5 million to $ 25 million, according to financial data. . , which allows members of Congress to hide their net worth by recording value ranges rather than exact numbers.

In addition to Paul Pelosi’s last trading round in December, the couple has made millions from personal stocks for more than a decade.

While there is no smoking cessation to show that Pelosis traded using insider data, their portfolio often exceeded the S&P 500, which has led critics to speculate that the speaker and other securities policymakers are in the legislature. led to the question of whether or not it would take their interests into account.

House Speaker Nancy Pelosi, D-California, told the Associated Press about the impact of the Jan. 6 attack.
Nancy Pelosi’s fortune exceeds $ 106 million.

Only five Big Tech firms – Facebook, Google, Amazon, Apple and Microsoft – earned at least $ 5.6 million and $ 30.4 million from Pelosis between 2007 and 2020, respectively. analysis reported. With The Post.

Pelose’s overall portfolio, including companies such as Disney and Roblox, also outperformed the S&P 500 by 4.9 percent in 2019 and 14.3 percent in 2020, prompting increased transparency, according to data released by FinePrint. financial holdings on both sides of the aisle.

According to FinePrint, Pelosis’s impact on tech stocks could have hurt them in 2021, when their portfolio was 15.5 percent lower than the S&P 500.

Asked if the opportunity to profit from the sale could lead to a conflict of interest, the speaker firmly answered “no” and rejected the idea of ​​banning the sale of individual shares. Pelosi spokesman Drew Hammill did not object to The Post’s findings that Paul Pelosi had left the market behind, but said trading was not a problem.

“The speaker has no shares,” Hammill told The Post. “It is clear from the necessary information that the speaker is fully cooperating that these agreements are designated as‘ SP ’for the spouse. The speaker has no prior information or participates in any subsequent transactions.

In this photo released by Apple, Apple CEO Tim Cook poses with the new MacBook Pro at an online event showcasing new products at Apple Park in Cupertino, California.
Pelosi was reportedly in contact with Apple CEO Tim Cook on antitrust laws.

Walter Shaub, a former director of the U.S. Department of Public Ethics during the Obama and Trump administrations, called the defense “absolutely insulting.”

“The idea that the stock is in her husband’s name is a totally red herring,” Shaub told The Post. “If members of Congress aren’t willing to wear a microphone around the clock while having dinner and sleeping with their spouses, the public has no way of knowing what information they shared, intentionally or unintentionally.”

According to the latest data, Pelosis’s current holdings include shares of Amazon and Apple for $ 5 million to $ 25 million, as well as options for Google shares for $ 1 million to $ 5 million.

“We need to have higher standards,” Texas Republican Michael Bulut, who is pushing two bills by members of Congress to ban stock trading, said in an interview with The Post. “When people see that people in careers are benefiting [stock trading] when they are struggling, it does great harm to everything that should be about the people.

California House Speaker Nancy Pelosi talks with historians Doris Kirns Goodwin and John Micham at the Capitol Hill in Washington.
Pelosis owns $ 5 million to $ 25 million worth of shares in Amazon and Apple, as well as $ 1 million to $ 5 million in Google shares.

Although Pelosi’s district is connected to Silicon Valley, the speaker tried to distance himself from Big Tech, including by refusing to accept calls from Mark Zuckerberg after Facebook refused to delete his video in 2019.

Earlier this year, he seemed to praise antitrust law: “Both sides were concerned about merging the powers of technology companies, and this legislation is an attempt to address this.”

But personally, Pelosi continued his relationship with Big Tech executives. According to the New York Times, Ms. Pelosi spoke with Apple CEO Tim Cook about the legislation.

“Optics is terrible for him, for the party and for Congress,” one Democratic insider told The Post. “And if it doesn’t take any action or act on issues related to holding these companies accountable, that raises serious questions.”

Another source close to the situation told The Post: “he said.

Ahead is the Facebook logo in the background with the Meta logo.
Pelosi avoided Zuckerberg’s calls because Facebook refused to remove his videos from the platform.

Pelosi acknowledged that members of Congress must follow the rules and report on trades, but stressed that they must “participate” in the stock market.

Under the VALUES Act, passed in 2012 and required by lawmakers to curb trade, a majority of members of Congress are required to disclose their information within 45 days if they violate their statutory obligations. is still free to make possible trades.

The issue of congressional stock trading has taken on a new urgency since the start of the pandemic, when dubious timed stock trading by lawmakers from both parties sparked outrage and sparked many investigations.

Other supporters of the two-party law banning Pelosi-style trade by members of Congress include Sen. Elizabeth Warren (D-Mas.) And MP Alexandra Ocasio-Cortez (D-NY), as well as Republicans such as Chip Roy. (R-Texas) and Arizona Senate nominee Blake Masters.

While Pelosi has additional scrutiny as speaker of the House of Representatives, he is not the only member of Congress to sell shares in individual companies.

Former Republican senators Kelly Loeffler and David Perdue from Georgia were both investigated by the Fed in 2020 for insider trading before their losses in the January 2021 election, and dozens of incumbent lawmakers, including Democratic Sen. Diane Feinstein and Republican Sen. Rand Paul, were prosecuted. weighed in order not to disclose trades in a timely manner.

Senator Ron Wyden, D-Ore., Spoke at the Senate Committee on Energy and Natural Resources hearing on the nomination of MP Debra Holland.
Representative Ron Wyden was arrested while his wife was trading hundreds of thousands of dollars worth of shares in several chip makers while pushing legislation to develop chip makers.

In May, Democratic Sen. Ron Wyden of Oregon was accused of demanding legislation to increase chip makers, while his wife, Nancy Bass Widen, owner of the Strand Bookstore in Manhattan, bought shares of several chipmakers, including Nvidia, for hundreds of thousands of dollars. received.

No one has yet been prosecuted for the Securities Act investigations conducted by the Department of Justice and the Securities Exchange Commission.

The 2012 law was passed with the support of two parties after a stock exchange dispute. In the nearly 10 years since the law went into effect, no one has been prosecuted under it, although many members continue to engage in visible trade.

In recent times, in some cases, lawmakers have not reported on their sales at all, as required by law. While some employees and lawmakers interviewed by The Post have pledged to avoid buying or selling shares in government, hundreds more are continuing to trade.

A recent Business Insider survey found that at least 182 employees and dozens of lawmakers have been late in reporting their sales over the past two years. Some of those arrested paid minor fines of up to $ 200, while others went unpunished. There is no state system that catalogs those who make mistakes.

“It’s not a political issue on the right and left spectrum, it’s a problem of greed.” said Shaub.

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