Former Speaker Nancy Pelosi's (D-CA) wealth is coming under fresh scrutiny as members of Congress once again float a ban on letting lawmakers trade stock -- with President Donald Trump voicing support for such restrictions.
The PELOSI Act, proposed by Republican Sen. Josh Hawley (MO), would bar members of Congress and their family members from trading most stocks.
Pelosi's remarkable success at beating the market has long raised eyebrows, placing her at the center of a recurring debate on banning Congress from the stock market.
The California Democrat has defended her right to participate in the stock market on free market principles, despite her access to privileged information.
The influential lawmaker is among the wealthiest members of Congress, deriving most of her fortune from her husband's investments.
Hawley, in an interview with Breitbart, said that it strains credulity to assert Pelosi acquired her millions through honest means.
"And here’s the thing, Nancy Pelosi and her husband last year, in 2024, beat every hedge fund in the nation, practically. So, either Nancy Pelosi is a mathematical and financial analyst genius… or maybe, maybe the information that she’s privy to turns out to be pretty darn valuable," Hawley said.
“And everybody knows it’s the second thing. It’s just outrageous,” he added.
Hawley's bill comes with strict disclosure requirements, and it also bans lawmakers and their family members from trading individual stocks, so the Pelosis would be noticeably affected. Lawmakers could still invest in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds.
“If you’re a member of Congress, you shouldn’t be up here day trading,” Hawley said. “You should be focused on your job.”
“If they violate the provisions, if they trade individual stock, if they own individual stock, they have to disgorge all of the profits and pay a financial penalty on top,” Hawley explained. “That’s the only way we’re going to get this stopped,” he said.
While the public broadly supports moves like Hawley's, Congress has -- not surprisingly -- shown little sustained interest in regulating itself. But the momentum could shift with Trump back in the White House.
The fact that one of his worst enemies is the public face of insider trading in Washington could motivate Trump to act. Of course, Trump has much bigger priorities, and Congress still needs to make the first move.
“Well, I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it,” Trump told TIME magazine.
