Former House Speaker Nancy Pelosi (D-CA) and her husband Paul have reportedly gained immense wealth from Nancy’s insider knowledge, and Sen. Josh Hawley (R-MO) is determined to address this. In a recent episode of the Alex Marlow Show, Breitbart’s editor-in-chief Alex Marlow discussed the issue.
In April, Hawley reintroduced a bill, known as the Pelosi Act, aimed at preventing elected officials from trading stocks or holding shares. This legislation would ban Congress members and their families from such activities.
Pelosi has amassed what some describe as “extraordinary wealth” since her elections to Congress, despite having a salary that has never topped $200,000. Hawley remarked that her financial success seems questionable.
“You can’t do that legitimately,” he stated regarding Pelosi’s financial gains, adding that her ability to outperform hedge funds last year raises concerns about the information she may have had access to.
“Everyone realizes it’s the latter, which is absurd,” he emphasized.
Hawley’s bipartisan legislation holds both Republicans and Democrats accountable; however, Pelosi’s case is particularly notable.
According to Hawley, Pelosi has violated the law, achieving success that seems impossible without insider knowledge, leading him to question whether she’s an exceptional financial strategist or if something else is at play.
He expressed concern about elected officials remaining in their offices longer than originally intended, saying, “The longer they stay, the more opportunities they find to profit from their positions.”
“Members of Congress are compensated, which is understandable, but the scale at which they profit is alarming,” he pointed out.
Hawley criticized the notion that officials should grow rich from their public service, stating it strays far from the founders’ intentions. He warned that without proper oversight, allowing such behavior could harm the entire system.
The Pelosi Act aims to enhance transparency through strict disclosure rules and ban individual stock trading for Congress members and their families.
“If you’re in Congress, you shouldn’t be day trading,” Hawley insisted. “Your focus should be on serving the public.”
The proposed bill permits public officials to invest in various mutual funds, but excludes industry-specific funds and blind trusts. It also imposes stringent disclosure mandates and harsh penalties for violations.
“If they break these rules—trading or owning individual stocks—they’ll have to forfeit any profits and face significant fines,” Hawley explained, stressing the need for strict enforcement.
Although he introduced the bill in earlier sessions, it hasn’t yet passed into law.
“I pushed for it a few years ago, and it made it through a Senate committee last year,” he noted.
Despite facing significant challenges, the bill has garnered support from both sides of the aisle but has yet to receive a vote in the House.
Former President Trump, who had a contentious relationship with Pelosi during his tenure, stated earlier this year that he would sign such legislation if it reached his desk. Hawley is hopeful that his bill will make it through.
Yet, as he put it, “We need to get people on record and ensure they’re forced to vote on this.”
While Pelosi has already made significant profits, Hawley believes that passing the Pelosi Act could prevent future exploitation of power by lawmakers.
