During his State of the Union address, President Donald Trump specifically called out former House Speaker Nancy Pelosi while urging Congress to pass a bill that would prohibit stock trading among lawmakers. This topic has been a point of contention for lawmakers in California.
“We need to ensure that members of Congress aren’t using insider information to make illegal profits,” Trump remarked, adding, “Did Nancy Pelosi stand up? … That’s something to think about.”
In response, Pelosi claimed that she does not trade stocks herself, although her husband, Paul, a venture capitalist, does engage in stock trading. Over the years, their financial standing has significantly improved as a result of his activities during her tenure in Congress.
When Pelosi first took office, she and her husband reported stock holdings valued between $610,000 and $785,000. Fast forward nearly four decades, and her trading volume has reportedly soared to over $99 million.
At 85, Pelosi, who has faced criticism for allegedly profiting from insider information as a prominent political figure, challenged Trump’s comments and suggested he reflect on his own actions.
“My member said that, so I’m going to get right back at him. Look at yourself,” she stated in an interview. “He seems to imply that there’s something wrong here; if that were the case, people would be prosecuted. We’ve been trying to get this law passed for years. The support for it is stronger now than ever.”
Pelosi emphasized that she did, indeed, stand up when Trump called for the anti-insider trading law. The proposed legislation would forbid members of Congress, along with their spouses and children, from trading individual stocks.
“He asked, ‘Did Nancy stand up?’ Yes, I did. Many Democrats stood up,” Pelosi said during the interview.
Interestingly, she wasn’t always in favor of the proposed ban. Back in 2021, she dismissed the idea, arguing that it contradicted free market principles.
“We live in a free market economy,” Pelosi conveyed back then. “They should have the opportunity to participate.”
However, she did support previous measures that mandated lawmakers disclose financial transactions related to stock trades.
As she wraps up her final term, Pelosi has established herself as a powerful figure in U.S. politics but faces scrutiny regarding her stance on stock trading in Congress, which some believe has marred her legacy. Reports indicate that many view her as having been on the wrong side of this issue and have deemed her to have personally gained from it.
“The widespread belief that she mismanaged her position concerning stock trading has influenced her legacy,” the report suggested.
Pelosi has stated that she would support the ban moving forward.
