Rep. McCarthy Mulls End to Lawmaker Stock Trading if GOP Wins Back the House

Gage Skidmore Flickr

House Republican leader Kevin McCarthy is considering some big changes if Republicans manage to take back the House. The California Republican is considering putting an end to lawmakers’ ability to hold and trade stocks, and therefore rake in millions. The possible rule change could be rippling to lawmakers like Nancy Pelosi, who has amassed millions from insider trading deals.

Newsmax reports:

McCarthy’s reported position is in direct contrast to House Speaker Nancy Pelosi, D-Calif., who has said lawmakers should be permitted to participate in stock trading in a “free-market economy.”

On Monday Newsmax covered a report that Pelosi had raked in as much as  $30 million from insider stock trades on Big Tech companies like Google — she oversees in Congress.

After decades of public service, Pelosi’s family has amassed a fortune estimated to be as high as $250 million.

McCarthy’s potential changes come as Insider’s Conflicted Congress project revealed 52 congressional lawmakers and 182 senior congressional staffers had violated the STOCK Act, an Obama-era law designed to clamp down on insider trading and protect against conflicts of interest.

The STOCK Act allows members of Congress to legally trade stocks based on insider information however, the lawmaker is required to disclose the trades publicly within 45 days.

Rep. Pelosi has defended the current rule based on the fact America is a free-market economy, and therefore lawmakers should be allowed to participate.

However, even some Democrat lawmakers have even proposed nixing the rule, including Georgia Sen. Jon Ossoff and New York Rep. Alexandria Ocasio-Cortez.



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Thomas Walls
4 months ago

I believe that Ms Pelosi has used her position on trade information that she is over seeing to benefit her and her family. She should be investigate be security exchange and prosecuted to the extent of the law.

Skip Watson
Skip Watson
4 months ago
Reply to  Thomas Walls

Don’t hold your breath.

Gary Fernett
Gary Fernett
4 months ago

Insider trading is illegal for everyone but Pelosi…she is above the federal laws of our country.

Micala
Micala
4 months ago
Reply to  Gary Fernett

Witches always fly above the law and everyone else. But the RED WAVE is going to break her broom into tiny pieces and her flying above anyone will be done. It’s coming…and she is going to pay big time!

Sue
Sue
4 months ago
Reply to  Gary Fernett

Either that, or Pelosi (who CLAIMS to be a Catholic!) is blinded by $$$!! People like Pelosi may have tons of money, but are totally bankrupt and blind when it comes to knowing the REAL value of what life offers: love of God and REAL peace of mind. I wouldn’t trade these two for all the money in the world…life is too short to do that.

SDOFAZ
4 months ago

McCarthy had best step up on more issues than this. Insider trading is just the tip of the iceberg for punishment in the house. And the evidence is already found and document. Pelosi and her crew of insurrectionist fascist need to be punished whether they stay or retire. And McCarthy is a rino selected by rinos. He will be watched and expected to do his job with diligence and bring all the criminals in the house, the country, the establishment to trial and exposed! The cesspool of DC MUST BE DRAINED! And every illegal bused, flown in must be REMOVED!

Joe
Joe
4 months ago

It’s time to arrest piglosi,the ripper for cheating on insider trading. No one is above the law including this nut-job, who seems to be making millions, by doing this .

Nick Charles
Nick Charles
4 months ago
Reply to  Joe

If no one is above the law, then why are the Clintons not in jail?!?!

Corruptionhater
Corruptionhater
4 months ago

Pelosi IS going to be arrested if she hasn’t already and it can’t be too soon. She is a career criminal who should have been arrested years ago. Child sex trafficking, violation of the Logan Act more than once, insider trading, belonging to a cult with Hillary pertaining to the tunnels under the Clinton Foundation leading to other underworld tunnels for child trafficking, extortion of funds in the Ukraine (with her son, Paul Jr.), in Latvia and other small third world countries and treason, fake impeachment of a sitting President and inhumane treatment of more than half of the US population.. This doesn’t even cover it all.

Micala
Micala
4 months ago

Of course “LAW MAKERS” SHOULDN’T BE ALLOWED INSIDER TRADING ESPECIALLY WITH A BIG TECH COMPANY LIKE GOOGLE! They can favor the laws toward Big Tech instead of being moral and fair law makers. Knowing “Witchee Poo Pelosi”, she promised big tech lots of things to make that much $$$ off of them — and was privy to any trading BEFORE it hit the Stock Market. That’s what Insider Trading is all about and Pelosi made her millions using it.

Since she took unfair advantage of a Market to make $$$, Speaker of the House should be demoted of her position. No one who knowingly knew she was cheating all the other stock holders belongs in a position of Power in our Federal Government. She needs to be demoted and disgraced as a “SANCTIMONIOUS WHEELER & DEALER” and thrown into the streets.

If she did that in her personal life, what do you think she is capable in her Career as SPEAKER? Like ORCHESTRATING THE JAN 6 BREAK IN AND BLAMING IT ON TRUMP’S ASSOCIATES? ABSOLUTELY SHE DID THAT AND IS HIDING BEHIND THAT “BOGUS” INVESTIGATION TO HIDE HER PART IN THAT CHAOS THAT KILLED TWO YOUNG WOMEN, ASHLEY BABBITT AND ANOTHER YOUNG WOMAN WHO GOT TRAMPLED TO DEATH!

Now we all know why she acts so uppidy and arrogant. She thinks she is better than anyone else, when she is just SNEAKIER and GREEDIER! D I S G U S T I N G O L D H A G !🧙🏻‍♀️🧹🧟‍♀️

STOP INSIDER TRADING FOR ALL LAW MAKERS! IT IS THE “RIGHT” THING TO DO! The RED WAVE will wash ole Pelosi right out of the Speaker’s position and into oblivion where no one will care whether she is alive or dead…that’s K A R M A and how it gets even with EVIL overstepping people! There’s going to be a lot of K A R M A flowing over D.C. this year and CHAOS WILL ENSUE.

Skip C
Skip C
4 months ago

The way to manage the congressmen/women and senators would be to require them to put their investments in a blind trust. They could have a third party firm invest for them, but without any insider trading information.
By doing so they would not be operating with an advantage over John and Suzy Q. Public, but would still be able to take advantage of a free market system–without their input being allowed to the investor organization operating the blind trust.

Such a law would need to have teeth in it, for example if a member of the house or senate were to provide insider trade information to the trust handling their account or anyone else, it would be automatic grounds for impeachment and removal from office. In addition to this all retirement benefits would be lost without recourse.

Alan
Alan
4 months ago

Pathetic Pelosi has been a criminal her whole career. Nutty Nancy has done nothing for our country, but lots for her rich partners in crime. When Repubs get control of both houses of Congress after 2022 elections, they had better investigate everything she has done in the last few decades. Impeach her, embarrass her, and put her in prison in the cell right next to Horrible Hillary.

DebV
DebV
4 months ago

STOCK Act was just another self-serving piece of legislation to allow elected officials to legally do what the general public can’t! Whatever happened to equal opportunity???

Casey
Casey
4 months ago

There are two things that need to be done if we are ever going to get the “TOTAL CORRUPTION” that has taken over our government under control.

Stopping elected politicians from trading in the stock market is number two, but the first thing that absolutely needs to be done is TERM LIMITS! Two terms for a representative and ONE TERM for a Senator (6 years is more than enough time in political office.

Unfortunately, our CORRUPT politicians in political office are NEVER going to vote term limits on themselves. It is going to take a revolution. It is the only chance the American people have of getting back an honest government.

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