Business
Nancy Pelosi’s stocks saw huge gains in 2023, raising concerns over congressional trading
By Jake Beardslee · January 5, 2024
In brief…
- Pelosi's stock portfolio gained 65% in 2023, more than double the S&P 500's return.
- Her gains renewed criticism of Congress members trading stocks, raising conflict of interest concerns.
- Senator Hawley introduced legislation in 2023 to ban Congressional stock trading.
- Pelosi initially defended the practice but later supported a ban.
- There is bipartisan support to ban Congressional stock trading but disagreement on the right approach.
Former House Speaker Nancy Pelosi’s stock portfolio saw impressive gains of 65% in 2023, more than doubling the S&P 500’s return of 24%. This has renewed criticism of members of Congress trading stocks, as some argue they benefit from insider knowledge.
Pelosi initially defended the practice but later supported banning members of Congress from trading stocks. Senator Josh Hawley introduced legislation in 2023 called the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act to ban stock trading.
Pelosi saw big gains in tech stocks like Nvidia, Microsoft and Apple. She faced criticism before for controversial stock trades by her and her husband. Members of Congress must report stock trades but face little penalty for violations.
There is bipartisan support to ban Congressional stock trading. Advocates argue it helps restore faith in government and prevents conflicts of interest. Critics say members should be able to invest and manage their finances freely.
Pelosi’s big stock gains in 2023 highlight concerns about fairness and propriety. Americans across the political spectrum want to ensure politicians serve the public, not their portfolios. But finding the right balance between accountability and financial freedom remains a complex challenge.