Tag Archives: STOCK Act

JOIN MASSIVE Nationwide Campaign To Take On Nancy Pelosi and Insider Trading By Congress…With ONE Click!

Patty McMurray
April 5, 2022 

Kevin Freeman, host of Economic War Room on BlazeTV, has launched a national campaign slamming Nancy Pelosi for protecting corrupt insider trading by members of Congress. More than 1,450,000 emails have already been sent to Congress!

In 60 seconds anyone in America can send an email to all 535 members of Congress and tell them to stop the DC greed!  The corrupt ruling class has gotten away with this for too long. It’s time to turn up the heat! TAKE ACTION HERE

Freeman describes the issue like this:

Nancy Pelosi has made a fortune worth more than $100 million – all while working on a government salary. HOW?! How are she and other politicians becoming multi-millionaires while supposedly working for “us” in Congress?

The corruption is deeply disturbing: Democrats and Republicans alike are pigging out on ‘Pelosi Perks’. 

Politicians in Washington are giving themselves big salaries, big pensions, and big benefits. And – as if that wasn’t bad enough – they’re making MILLIONS on Wall Street with insider trading. In fact, Nancy Pelosi and her husband made more than $30 million just from trading tech stocks. They bought their shares – and then she started blocking efforts to rein in Big Tech. And no wonder: by protecting them, she’s hurting us while making a FORTUNE.

Our elected officials have lined their pockets at our expense for too long! 

Economic War Room has just released its expose of this outrage, and we’ve launched a nationwide campaign so every American can take action to demand an end to Pelosi Perks.

You can watch Freeman’s Economic War Room special on the issue featuring Tom Fitton of Judicial Watch, Jenny Beth Martin of Tea Party Patriots, and Justin Danhoff of the Free Enterprise Project here.

Pelosi Caves, Will Acquiesce to Bipartisan Pressure on Stock Trading Ban: Report

Jack Davis, The Western Journal
February 9th, 2022

House Speaker Nancy Pelosi of California supports passing a ban on trading in individual stocks by members of Congress, according to a new report.

The report from Axios, citing Punchbowl News, aligns Pelosi philosophically with lawmakers who want to ban this practice — an issue that already has bipartisan support in the Senate.

According to the New York Post, Pelosi said on Dec. 15 that members of Congress should be able to trade in individual stocks.

“We’re a free-market economy,” Pelosi said. “[Members of Congress] should be able to participate in that.”

She added that lawmakers need to disclose stock market purchases and actions when they take them.

“We’re a free-market economy,” Pelosi said. “[Members of Congress] should be able to participate in that.”

She added that lawmakers need to disclose stock market purchases and actions when they take them.

“I just don’t buy into it, but if members want to do that, I’m OK with that,” Pelosi said last month, according to NPR.

She said disclosure laws provide the needed level of transparency.

“I have great confidence in the integrity of my members,” Pelosi said.

But Pelosi has become a lightning rod for this issue due to stock trading done by her husband, Paul.

According to disclosures, Paul Pelosi purchased between $1.75 and $3.6 million worth of call options between Dec. 17 and Dec. 22 for companies including Google, Salesforce, Roblox and Disney.

The largest purchases were between $500,000 and $1 million for Google and between $600,000 and $1.25 million for Salesforce.

Further, dozens of members of Congress have been cited as violating the Stop Trading on Congressional Knowledge Act of 2012 by not disclosing their financial trades. There were 55 members who failed to properly report their trades, Insider reported.

The STOCK Act was passed to limit potential conflicts of interest and to encourage congressional members to be transparent about their personal finances.

Democratic Sens. Jon Ossoff of Georgia and Mark Kelly of Arizona, along with Missouri Republican Sen. Josh Hawley, have reintroduced the legislation to ban congressional stock trading, Newsweek reported.

“Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating,” Hawley said in a statement.

“Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country.”

Axios, citing Punchbowl News, said the STOCK Act and other ethics laws will face a revision. But despite agreement on the broad outlines of legislation, the details remain to be filled in.

Differing versions of the legislation to be considered exist.

Some would ban spouses from trading in individual stocks, which would directly impact Pelosi. Other versions allow lawmakers to hold stocks in trusts composed of multiple stocks, while other versions would require lawmakers and spouses to put all of their investments in a blind trust.

This article appeared originally on The Western Journal.

Biden’s Lawless WH: Energy Sec Granholm Failed to Report $240,000 Worth of Stock Trades for Months

C. Douglas Golden, The Western Journal
January 24th, 2022

When Joe Biden was running for president, he promised Americans a transparent administration in the White House. Energy Secretary Jennifer Granholm seems to be one of many who haven’t gotten the message.

According to a Friday report from Business Insider, Granholm was the latest of many politicians who were found to have violated the STOCK Act, a law that stipulates federal officials, lawmakers, their staff and close relatives must report stock and commodity trades within a certain period.

Granholm is far from the only one involved here. At last count, 54 members of Congress were found to be in violation of the act, according to Business Insider’s reporting. (Despite this, House Speaker Nancy Pelosi is openly resisting any change to laws regarding how members of Congress may invest.

Between April and October of last year, Granholm sold $240,000 in stock — but only reported the sales to the Office of Government Ethics on Dec. 15 and 16.

The deadline for reporting trades under the STOCK Act is 30 days after an individual is notified or 45 days after the transaction is made.

The energy secretary’s investments involved numerous companies with fingers in the pandemic pie, as well.

“Granholm’s stock sales involved shares of biopharmaceutical firm Gilead Sciences Inc. — a major government contractor and maker of COVID-19 treatment remdesivir — mobility service Uber, and real estate company Redfin,” Business Insider’s Warren Rojas reported.

In her disclosure forms with the Office of Government Ethics, Granholm said she hadn’t been notified of the trades more than 30 days before, according to Business Insider. However, all of the trades occurred over 45 days prior to her disclosure forms — in some cases, months prior.

Democrat Senator Ossoff Takes On Pelosi With Possible New Legislation On Stocks

Carmine Sabia
January 9th, 2022

OPINION: This article contains commentary which reflects the author’s opinion

One Democrat senator, the youngest in the Senate, has come against House Speaker and California Rep. Nancy Pelosi on her recent comments about stock trading.

Democrat Georgia Sen. Jon Ossoff wants to ban members of Congress from being able to trade stocks when they are in their elected positions, The New York Post reported.

The Ossoff ethics bill, which the Democratic freshman Senator plans to introduce once he finds a Republican co-sponsor, would crack down on conflicts of interest by making it illegal for lawmakers and their families to trade stocks while in office, a Washington, D.C. source close to the situation said. 

It would also likely require lawmakers put their assets in blind trusts — a step that the 34-year-old Ossoff completed himself months after being elected in January 2021. 

No Senate Republicans appear to have publicly come out against congressional stock trades, so Ossoff may have trouble finding a co-sponsor in the Senate. But Republican support in the House is more likely, since several GOP House members including Texas Reps. Michael Cloud and Chip Roy have come out against the practice.

Another proposal to curb Congress trades, the Ban Conflicted Trading Act, was introduced in the Senate in March by four Democratic Senators including Sen. Jeff Merkeley of Oregon and Ossoff’s fellow Georgia freshman Raphael Warnock. It also has an accompanying bipartisan House version backed by Rep. Alexandria Ocasio-Cortez (D-NY) and Roy, among other Democrats and Republicans. 

But that legislation would only ban members of Congress and their staff from trading, which means that the husband of the House Speaker would be allowed to continue to trade stocks.

“As Speaker Pelosi’s recent transactions make clear, decisions made for the people should be separate than decisions made for personal enrichment,” Republican Rep. Chip Roy said.

“These lawmakers are just out of touch with how normal people view the situation,” Arizona Republican Senate primary candidate Blake Masters said. “Members of Congress should not be buying call options on Big Tech companies they’re in charge of regulating, that is ludicrous.”

The New York Post said that the Pelosi family has made a fortune on stocks.

And the Pelosis’ overall portfolio — which has also included companies like Disney and Roblox — beat the S&P 500 by 4.9 percent in 2019 and a whopping 14.3 percent in 2020, according to data crunched for The Post by FinePrint, an outfit pushing for greater transparency of financial holdings on both sides of the aisle. 

The Pelosis’ exposure to tech stocks, however, may have actually hurt them in 2021, when their portfolio underperformed the S&P 500 by 15.5 percent, according to FinePrint.

When asked whether the opportunity to profit on trades could create a conflict of interest, the speaker has flatly said “no” and has rejected the idea of a ban on trading individual stocks. Pelosi spokesman Drew Hammill did not dispute The Post’s findings that Paul Pelosi has generally outperformed the market but insisted that the trades are not an issue.

“The Speaker does not own any stocks,” her spokesman said. “As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions.”

Walter Shaub, who was the director of the United States Office of Government Ethics for former Presidents Obama and Donald Trump, said that her defense is “absolutely insulting.”

“The idea that the stocks are in her husband’s name is a complete red herring,” he said. “Unless members of Congress are willing to wear microphones around the clock when they’re having dinner with their spouses and going to bed, the public has no way of knowing what information they intentionally or inadvertently shared.”

“We should be held to a higher standard,” Republican Rep. Michael Cloud said. “When the public sees people in office profiting off [stock trading] when they’re struggling, it does a great disservice to everything that this nation should be about.”

14 Members of Congress Accused of Violating Federal Law in New Report

By Abby Liebing,
December 13, 2021

A new report has found that 14 members of Congress have been violating the STOCK Act and handle their finances in a way “that could expose them to ethical problems.”

Insider reported the following Republican lawmakers were among those in the “danger” zone of financial compliance: Rep. Pat Fallon of Texas; Rep. Dan Meuser of Pennsylvania; Rep. Blake Moore of Utah; Rep. Lance Gooden of Texas; Rep. Diana Harshbarger of Tennessee; Rep. Kevin Hern of Oklahoma; Sen. Tommy Tuberville of Alabama; and Rep. Chris Jacobs of New York.

The list continued with several Democrats who had violated the STOCK Act as well: Sen. Dianne Feinstein of California; Rep. Susie Lee of Nevada; Rep. Tom Malinowski of New Jersey; Rep. Sean Patrick Maloney of New York; Rep. Kim Schrier of Washington; and Rep. Tom Suozzi of New York.

So what is the STOCK Act? An acronym for “Stop Trading on Congressional Knowledge Act,” the 2012 provision made it illegal for Congress members to participate in insider trading, Investopedia reported.

To many, it was surprising that this had to be formalized in law since many just assumed insider trading was illegal. But until 2012, “trading based on material nonpublic information — otherwise known as insider trading — was both legal and commonplace among members of Congress,” Investopedia explained.

Nine years ago, the STOCK Act made it expressly illegal. The act was widely supported in Congress, by both Republicans and Democrats. In the House, it passed 417-2 and in the Senate, it passed with a 96-3 vote.

Now at least 14 Congress members have failed to properly disclose financial trades.

“These lawmakers have violated the Stop Trading on Congressional Knowledge Act of 2012 by failing to properly disclose financial trades, many to a significant degree,” Insider reported.

“Some also employ senior staff members who’ve violated the STOCK Act or haven’t themselves taken proactive steps to avoid potential conflicts of interest,” the outlet found.

Perhaps the most prominent member of Congress listed among the 14 is Feinstein.

The senator violated the STOCK Act one time, which totaled about $15,000. She said that she paid the fine for not disclosing her trade, but did not provide any proof.

Schrier violated the act once, totaling at least $500,000. Schrier did not comment or confirm whether the fines had been paid.

Other members of Congress reportedly violated the STOCK Act over 100 times.

Fallon had 118 late disclosures, which totaled about $9,113,000.

“Upon learning of his STOCK Act violation, Congressman Fallon self-reported himself to the Ethics Committee and proactively paid his fines. The congressman has not been late on reporting stock transactions since his discovery of his first infringements,” Austin Higginbotham, Fallon’s communications director, said in a statement.

Suozzi violated the STOCK Act about 300 times, which resulted in at least $3,200,000. Suozzi did not comment on whether he had paid the fines necessary for these violations.

The infringements regarding the STOCK Act are nothing new, though.

In September, an outside ethics group complained that seven House lawmakers didn’t disclose stock trades, NPR reported.

“The lack of accountability we’ve seen in regard to STOCK Act compliance is basically giving elected officials the green light to buy and sell stocks based on information gained from committee meetings without any transparency for their voters,” Kedric Payne, general counsel and senior director of ethics at the Campaign Legal Center, wrote in a statement.

In July, Forbes also put the spotlight on three Republican lawmakers who did not report “up to $22 million in stock trades made earlier this year” — Tuberville, Moore and Fallon.

But while the 14 members of Congress identified by Insider were the ones with very clear trading violations, Insider also shone a light on other lawmakers who did not properly report their trading.

“Insider and several other news organizations have this year identified 47 members of Congress who’ve failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act,” the outlet reported.

In light of all these violations, many ethics groups and government watchdogs are pushing for fines and punishments for STOCK Act violations to be harsher.

“While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials,” Insider reported.

“Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks, although neither has come to pass.”

This article appeared originally on The Western Journal.